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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)% ]# ?9 K7 g( B4 Q/ Q" m
Bracing for a tough few quarters& s) R+ X' P# U
Canaccord Capital maintains "hold", 12-month target price is $4.50( r! b/ f5 d' }
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
! ~6 `: {3 n) kGrowth outlook, challenging pipeline and high cost structure make future unclear
9 d6 f, o f8 a: J8 }Blackmont Capital continues "hold", 12-month target price is lowered to $48.000 v/ s o, |3 w C
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00+ |+ \& c: d3 O$ l
1 ^$ b D4 r% B! E" e: PAstral Media (ACM.A : TSX : $22.98)& C, \; h9 W& V. [' {3 H
Released Q1/09 results: strong, in light of challenging operating environment
/ A; H: W# @* }: E. kBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00. h0 D; i ~2 g
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.001 m2 v* i$ W) J+ T
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
7 W( I. }+ e8 ~. J6 I$ cRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
2 b4 I$ a. I+ l* V% v( UScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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' L9 X: I3 H. j2 _5 o5 UAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)2 k3 p8 S; r0 J0 ?$ r& K
Well positioned with gold production forecast to double this year and next6 \, U5 u: Q. F2 Y3 l4 H
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00; v* B% |4 d( C8 g% N+ ]5 q
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00+ t k: F5 a. b4 M
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ARC Energy Trust (AET.UN : TSX : $17.15). D& h* M O9 X% f! h
Reduced distributions by 20%; capex also cut, x# R: }6 e- C: ~4 u4 i
RBC Capital Markets continues "outperform", 12-month target price is $19.00* V7 E1 Z" ?) L8 \) H3 u: v$ V
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Andean Resources (AND : TSX : $0.75)8 i+ E" N; @: x$ F& c" h
Announced F09 outlook+ n l& O: j) m2 ]+ C# n; }* j
Paradigm Capital continues "speculative buy", 12-month target price is $2.25, |& Y/ D4 E- a& J
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
# W1 a* Y- Q. Y3 m' VRising challenges in Aerospace+ S( B7 A3 \' W& c! r! ?- q
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
/ q* d9 c$ t. Q* p3 \Acquiring AIG's Canadian life insurance business) G) F( e, w# S8 V, o3 V
TD Newcrest continues "hold", 12-month target price is $37.00, _+ @- G0 g( v5 S7 }
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Cogeco Cable (CCA : TSX : $33.37)
% g# h* Y% Z( P* AQ1 review: Canada results encouraging, but Portugal remains a drag4 f/ ^0 o- ?" X& R* O
BMO Capital Markets maintains "outperform", 12-month target price is $46.00( j6 Z3 ` J) k7 z7 ]/ M
Desjardins Securities continues "top pick", 12-month target price is $40.00$ L# G7 l+ ?9 V9 {3 w6 W6 n5 d
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
8 v. e+ E; B3 _# g& D& YScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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$ Q" |, Q# Z3 Q1 w; ?7 |2 T- CCorridor Resources (CDH : TSX : $2.45)
t! q2 [, ? E% p# HCapital budget set to expected cash flow; production guidance lowered& I- u- L. U. T
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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$ b% {# F# Z' o) @COGECO Inc. (CGO : TSX : $25.14)
* O% e4 q- Y; |2 Z3 |$ W0 k0 y4 PStrong radio and cable drives 39% EPS growth$ e3 I$ {2 Q# S( p& B
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)/ G, A' G1 `% T" G
Taking action to address tough operating environment
1 ? [7 O8 V! `3 o ABMO Capital Markets maintains "underperform", no target price reported+ {$ E3 A' \; i6 Y9 o! x
Credit Suisse maintains "neutral", 12-month target price is $1.008 ]; t3 O& Q$ ?8 \2 P9 ^
GMP Securities continues "reduce", 12-month target price is $0.50
4 U8 G! q* r6 R' a) X! x$ dRBC Capital Markets continues "underperform", 12-month target price is $0.75- ~4 [! p; C- D
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.504 _$ l) w% G( D8 D( q
+ Q5 A/ q1 c* H! b W8 _Corus Entertainment (CJR.B : TSX : $12.47)# J. h `3 ?# C8 [" Y
Q1 revenues in line, EPS beat6 J( l* H0 L# W& E* J' @4 U
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
" V4 V' W$ F: x6 Y! P' ]Credit Suisse continues "outperform", 12-month target price is $20.00
6 N# j |* v6 t; W* B" `Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00+ L* t) Z* V! O* ~
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
. f2 z- A, r. xRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.502 i1 W0 ]: W9 A. l8 s
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
* ~2 j1 `+ X$ PHeld investor day$ t9 j# U* g7 ?
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00 p O L9 q# p
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Daylight Resources Trust (DAY.UN : TSX : $7.77)& q7 j ~& \; R2 I8 M ]
Reduced distributions by 38%; guided for lower capex
; t# N! M- C# x) K" PBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
+ t: Z3 _& w: v- w/ N) pDundee Capital Markets continues "buy", 12-month target price is $12.00, F1 l: Y4 A/ u/ C+ y8 ^' \
TD Newcrest continues "hold", 12-month target price is $7.50
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- P) T( w& Q m4 N0 j) xEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)# h2 t0 X/ N6 T( R6 ]
Steady market and currency tailwind
/ h# N+ k9 @3 Y7 {TD Newcrest maintains "buy", 12-month target price is US$5.000 D4 `1 h5 c$ d0 V: L2 w. P& u
8 X# ~/ ~$ P* I6 gGoldcorp Inc. (G : TSX : $29.74)& X* q; a/ {# T
Revised commodity forecasts
4 r5 ~5 B1 |# v2 b% d4 E+ g5 E2 OBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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5 F. ]( h0 V$ p4 j c: _& X4 n' q9 kHeritage Oil (HOC : TSX : $3.77)$ i, ^' Y2 t& b7 l0 R* i+ d
Announced Ugandan commerciality on exploration success+ v5 \. H' |8 @( y
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
7 ^( d% ?+ w$ H8 [1 F. e/ NRetail division suffers
7 u4 P. q' p2 i& [5 X/ A- EDesjardins Securities maintains "buy", 12-month target price is $12.602 E- k8 s/ A" g0 v0 S" A
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Laramide Resources (LAM : TSX : $1.84)
5 o1 \' @9 ^. L2 L9 TWestmoreland provided more high grade at Redtree's Jack Lens
3 a+ }* |/ f2 q# ~Dundee Capital Markets continues "buy", 12-month target price is $2.301 L$ P7 s" K2 r1 s' j( p* d2 h! E
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Lockerbie & Hole (LH : TSX : $6.00): v2 I" I/ w2 m+ i/ S6 Z2 Q
Released Q3/09 results: very strong, focus should be on active backlog
, w, a9 _ |# RGMP Securities continues "buy", 12-month target price is $9.00
9 b3 X$ n) s- h9 G0 gRaymond James maintains "market perform", 6-12 month target price is $8.254 A5 g* x: N; h) V
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)6 @9 `# U- F1 o* C
Reduced distributions by 70%, G7 X* y/ Z) c, b/ d# q. E
RBC Capital Markets maintains "outperform", no target price reported
/ l) @$ d9 O7 v. `7 e* w8 uScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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6 Q+ k- Z+ P$ @: ZMatrikon Inc. (MTK : TSX : $2.04)
) U/ \2 l( K, Z, z% Y1 B% dReleased Q1/09 results: a little light, but still respectable
( h+ \$ U4 g$ F& ~9 ~BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
1 \8 C. X9 U$ ~; e2 eParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
/ L0 e3 @# `1 ]8 N/ R: V$ V' n" j( I, {Expecting lower CFPU on higher taxes
: z h0 E( ]4 t" _* y1 BBMO Capital Markets continues "outperform", 12-month target price is $18.00, j, h* l3 {5 Y+ [4 p
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
# b! j3 v' O& T; W% a p4 WTD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)2 r }0 x' u& o0 v4 B' G$ P9 F
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain! x! f( S0 S ^/ J z% c
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
5 |2 K E, ~# y: }- i7 l: BCredit Suisse maintains "neutral", 12-month target price is US$1.00
, m+ |( u$ B! J1 SScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)% R0 f! \# b. T# R
Dietary supplement business facing headwinds
8 \8 s7 k$ B. u WParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
) e/ l7 s. I# s6 b/ b6 x4 FProvided operational update and F09 guidance: h8 |9 ~. X+ |0 N a2 i
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
) a+ w$ `6 J) Z& s, t! F* GSouth Barnat resource around the corner
7 q% I: e. G; n- G( yParadigm Capital continues "speculative buy", 12-month target price is $4.75/ N0 z' W0 c/ @/ e: n% a
s9 q% O: \& h( NPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
! s5 R! y% ]/ a& @( ~Provided operational update; H+ ^$ J8 X" z2 m
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
/ u% t; A, R3 d( `: n# B, vTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)! x [7 m7 X9 D1 P; q; K ~" j5 ]
Provided operational update: Grande Prairie emerging as the key focus for F09 U, T, a: I3 o* S/ }. Y$ J
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)7 g. O0 E9 z. K
Operations starting to turn the corner) t+ _8 ^, B/ p& A7 B7 U! J/ ~
RBC Capital Markets maintains "outperform", no target price reported& O1 M. o: ?. F2 C
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Shaw Communications (SJR.B : TSX : $20.13)
# Y$ D/ H5 e% M0 oReleased Q1/09 results: in line, subscribers ahead
0 F4 h' [( d" TCredit Suisse maintains "neutral", 12-month target price is $25.50
( N3 o4 C$ {4 B) R7 H% m: L4 FGMP Securities continues "buy", 12-month target price is $26.50: j' x+ K( Z m/ s0 ^
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)) y& |, U) w0 V6 j* ]/ @( K/ ]
Held a sell-side lunch showcasing new U.S. team( ]* t y/ Z2 G* M8 }9 z
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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. p" {: D2 @* o; {- o3 D0 t' M( f% e, T _Trican Well Service (TCW : TSX : $6.93)
2 h5 k: m8 b8 p2 x! r2 [6 iAwarded Russian contracts
" i$ j+ x5 `- _# m' I9 yBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75% c3 b% ?9 F- f
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
( W) `* s |& nRBC Capital Markets maintains "sector perform", 12-month target price is $10.00. @1 v" L' @; E6 ~" K+ b& ?% L5 d
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Sino-Forest Corp. (TRE : TSX : $8.93)5 o: E- ]% X8 R! }" n0 ?: ~1 L. A& O1 m
Chinese furniture exports rose in November
8 k) ]+ G6 k3 M5 ~Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
% K* G) F7 a- DShea Creek's two largest deposits have become one
7 X5 f# z; G- s/ s& u( A WDundee Capital Markets maintains "buy", 12-month target price is $2.751 V: Z8 Y3 W( d% D Q, U4 A4 F
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Vero Energy (VRO : TSX : $4.72)
( U4 h7 t' x5 f3 R" l1 L9 A: ~9 p, RReleased Q4/08 results: horizontal focus to continue in F09% D: a3 m; V$ A+ |( K' k. X% O
Dundee Capital Markets continues "buy", 12-month target price is $8.00: M, X/ l |& V8 F- l
GMP Securities continues "buy", 12-month target price is $7.50/ ]: j6 ]- u% Z B7 C
Paradigm Capital continues "buy", 12-month target price is $12.003 x6 h; \2 z% u2 a5 y
RBC Capital Markets maintains "outperform", 12-month target price is $8.50& g% Y- D. s. i6 G% W* V: I* }
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Wi-Lan Inc (WIN : TSX : $1.75)- G4 n3 ]9 \' `, q6 l
Hit homerun with Samsung
1 R& q+ F+ I: N) Y+ O0 @Paradigm Capital continues "buy", 12-month target price is $3.50 |
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