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Ear on the Street --- Jan. 16 2009' t! {( W) }9 I) B3 r
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Absolute Software (ABT : TSX : $3.36)
& i+ P3 e( S j1 ~5 G9 b" n) cBracing for a tough few quarters; ~/ J+ D# o4 S4 p/ ], w
Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
. C% T& V. [5 D1 vGrowth outlook, challenging pipeline and high cost structure make future unclear
+ \5 R6 z7 w' W6 d' W. qBlackmont Capital continues "hold", 12-month target price is lowered to $48.00' I" p7 r. H3 m$ q. _
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)0 y6 @& q( T( m
Released Q1/09 results: strong, in light of challenging operating environment
( d$ v/ Z4 b/ D2 Z- X9 KBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
' x: k. v8 u) r5 \+ b2 V* _Desjardins Securities maintains "buy", 12-month target price is slashed to $28.004 u5 E, {- C$ O8 c
GMP Securities maintains "buy", 12-month target price is reduced to $30.00% _# [. L7 F% T/ r) ? e& Z
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00* B$ _2 y# _& `/ F" A5 s( A
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
+ Y* G# @" o8 M V" \5 b3 `3 M. vWell positioned with gold production forecast to double this year and next- O0 H6 b7 E5 `; U; ~( |
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00$ m! O0 C9 t+ b; u- K, g
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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& K! Q. S& D4 y# ~7 s+ E1 R+ GARC Energy Trust (AET.UN : TSX : $17.15)
9 e7 z% N2 T' H V. t! fReduced distributions by 20%; capex also cut* _9 Y9 G) ^* [1 D. K# x p T8 z, P0 L- S
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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+ G# z! G$ J2 H* [Andean Resources (AND : TSX : $0.75)
4 R) O+ Q0 [3 V+ u) M4 l, z8 c0 d7 l/ XAnnounced F09 outlook2 r& C! D& N* k7 P. ^6 Q( g5 e
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
6 C% j% A9 i+ W% U5 cTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
9 S9 _7 F9 S( ]# I/ Z3 vRising challenges in Aerospace6 P9 u( V$ k( O7 [' v% V7 F
GMP Securities continues "buy", 12-month target price is $8.00
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" j" o/ J- {) G( l8 W4 S$ }Bank of Montreal (BMO : TSX : $31.84)8 M( R( o5 W" R. M H$ f Q
Acquiring AIG's Canadian life insurance business( R/ O1 u# n" F% A/ l
TD Newcrest continues "hold", 12-month target price is $37.00
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[* u1 ^2 A, w6 d5 [5 XCogeco Cable (CCA : TSX : $33.37)
4 L5 w+ }& p! g' pQ1 review: Canada results encouraging, but Portugal remains a drag
$ u. C/ g! g" h8 O) G! GBMO Capital Markets maintains "outperform", 12-month target price is $46.003 ^- i" [( z2 m2 G
Desjardins Securities continues "top pick", 12-month target price is $40.00% r* D5 Q9 Q+ b# h& `7 B3 d) Y
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
7 Y0 O3 f2 Z: Y. [Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00! T" N+ y- j; c$ y2 B3 e* t/ ?
7 ]( z: l7 Q5 ]' S9 S/ Q/ D# |! dCorridor Resources (CDH : TSX : $2.45)- M+ ^" {" r% o+ }7 b! ]# w
Capital budget set to expected cash flow; production guidance lowered8 q& r3 H5 V2 _* |1 T" u& ]% \
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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+ g* |9 v2 ^& K: z5 i: O! UCOGECO Inc. (CGO : TSX : $25.14) s3 ~2 r0 a7 p4 N
Strong radio and cable drives 39% EPS growth9 c8 Z& q V8 F, h6 ?/ V/ c
Scotia Capital Markets continues "sector perform", 12-month target price is $45.007 e9 F9 m6 M2 \- j/ Y4 Y
7 N& E& x1 O# m. U& V" `9 KCanWest Global Communications (CGS : TSX : $0.51)' F& i$ s& }: y7 J& K$ O5 v$ M
Taking action to address tough operating environment
/ r* y1 x$ @% h8 D* h3 H! L5 ]BMO Capital Markets maintains "underperform", no target price reported
0 A6 I3 _0 G c/ `* ^, L. K8 HCredit Suisse maintains "neutral", 12-month target price is $1.00
+ _$ d6 c1 @/ T2 Q3 Q; AGMP Securities continues "reduce", 12-month target price is $0.50
2 F) E+ s% L5 _5 ]$ G3 C& }6 E2 {RBC Capital Markets continues "underperform", 12-month target price is $0.757 I4 C2 U2 h" @0 u" ]5 o/ V
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50% X& o, T( x, T2 a2 d7 d# T
! q0 p$ h% o) c9 b) E) qCorus Entertainment (CJR.B : TSX : $12.47)
0 N& c0 J$ a5 R$ ?) q5 BQ1 revenues in line, EPS beat2 C- _- f- c4 r0 g9 L
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.000 k: P k; j/ u- P4 e9 u3 z3 p& f5 F
Credit Suisse continues "outperform", 12-month target price is $20.00
/ K% Z$ s2 ?# ]6 \0 o0 VDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
) b5 I8 P- G$ D% IGMP Securities maintains "buy", 12-month target price is reduced to $17.00
$ b. L2 _7 i! r& bRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50. c, e0 k. g( ]8 ^/ G
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.003 x) \; [* w4 [- U! ]% {7 u
2 J& Q3 M$ _ {. VCalloway REIT (CWT.UN : TSX : $11.84)
' L! V$ ^- y+ }, y' F& nHeld investor day) P9 |/ V: J, ^
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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) r9 p" e A$ W: uDaylight Resources Trust (DAY.UN : TSX : $7.77)2 J$ K5 @( i6 j9 O
Reduced distributions by 38%; guided for lower capex
: Z5 a5 j( ?; F b0 h4 cBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00- J# }) m7 t8 ]# E
Dundee Capital Markets continues "buy", 12-month target price is $12.00
" C7 _. k" b( w* D0 @( ^% |TD Newcrest continues "hold", 12-month target price is $7.50% F+ e+ j& ^9 D& X$ U
0 p6 a3 k; s; ?) s/ G4 Z1 |- WEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)+ P0 G# U u( O9 Z2 O1 d
Steady market and currency tailwind- ^/ f3 f3 A0 C% X+ m0 Y) z
TD Newcrest maintains "buy", 12-month target price is US$5.00
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' ?% S# S9 I* _, C- @! z S3 [Goldcorp Inc. (G : TSX : $29.74)
- q: _1 D* X- \: \1 R N, \Revised commodity forecasts
2 @: T: c) D7 @: j: L* S; cBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00. k1 Y! ^0 A3 _% I$ d
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Heritage Oil (HOC : TSX : $3.77)% g1 } \# ^- Z
Announced Ugandan commerciality on exploration success, o) Y) u/ O4 s/ H
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)
6 ^" g% A k9 _0 \Retail division suffers j! |7 @# M! f; n9 R3 I
Desjardins Securities maintains "buy", 12-month target price is $12.60
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* C8 [; i" s& z2 p( c( hLaramide Resources (LAM : TSX : $1.84)
2 k( O9 ~6 x0 `9 RWestmoreland provided more high grade at Redtree's Jack Lens
' I; f% g* ?, Y2 O, b. k$ pDundee Capital Markets continues "buy", 12-month target price is $2.30% F6 Y$ \: o/ O( t+ a/ [
; |% F! h. M6 f) S/ GLockerbie & Hole (LH : TSX : $6.00)/ j# c6 i5 ?0 o0 o
Released Q3/09 results: very strong, focus should be on active backlog
( {; m9 |5 E, _0 N* a5 o- d2 A4 m1 JGMP Securities continues "buy", 12-month target price is $9.00! @' O) F4 ~7 C8 ?% a
Raymond James maintains "market perform", 6-12 month target price is $8.25
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; G1 G% d4 P9 S! M) v& {Livingston Intl Income Fund (LIV.UN : TSX : $6.00)" x4 Q- e1 n) l ]% t' k- w
Reduced distributions by 70%5 _% K1 }, G. ~- T
RBC Capital Markets maintains "outperform", no target price reported
( ?" r4 S# c5 y& IScotia Capital Markets continues "sector underperform", 12-month target price is $6.50) P& u. G" A' j, Q. I
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Matrikon Inc. (MTK : TSX : $2.04)* d) t+ ~; b8 n6 f
Released Q1/09 results: a little light, but still respectable
! g7 x* l5 D: \# o3 l7 ^BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
. i) |, W4 k1 DParadigm Capital maintains "buy", 12-month target price is $4.009 h' |. R1 i& y3 _8 }* B! N
! I$ E1 v' v0 h+ m+ cMullen Group Income Fund (MTL.UN : TSX : $10.97)
2 }! z' k& S6 G* Q8 U2 T; CExpecting lower CFPU on higher taxes1 P6 |* s5 ~4 i6 O, b
BMO Capital Markets continues "outperform", 12-month target price is $18.00
0 W0 l5 A% g1 d$ I" k3 XRBC Capital Markets continues "sector perform", 12-month target price is $12.00
$ A$ b( m- x9 Z3 I dTD 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), a/ @. k9 s7 _3 X
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
8 C9 ~* `( ]3 V* `! S3 i. GBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
+ m7 t; u: {; {8 Y8 Y3 KCredit Suisse maintains "neutral", 12-month target price is US$1.00
3 b% O5 G1 q+ Y! o hScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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- A4 T. v6 t8 VNeptune Tech & Bioresources (NTB : TSX-V : $0.79)- C" q2 |) `. l! q
Dietary supplement business facing headwinds
6 r& H* A* d3 x3 D1 z: f8 ^) x% CParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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( K) b" e3 \4 w" V$ qOpen Range Energy (ONR : TSX : $1.18) Y7 b; W/ `% _# R
Provided operational update and F09 guidance3 ]; R2 ^( m9 L! ?& y2 t
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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% g* t4 R% Y* g: S, t% r- E5 DOsisko Mining (OSK : TSX : $3.13)7 ]8 e; l3 R; E4 R
South Barnat resource around the corner
! L1 {& X9 W% Y2 ]) M" ^+ NParadigm Capital continues "speculative buy", 12-month target price is $4.752 W. W! c; s6 O' H
2 }" d/ b5 @, m9 QPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
% V$ H4 L: C& r* cProvided operational update
" H8 ^) X& F3 SBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00! J ?1 a$ d v6 p8 Q
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50) \2 W: f* ~, k9 S" J0 {4 x$ X% w5 X
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Paramount Resources (POU : TSX : $7.85)4 E: K+ l3 L7 f9 |) a: G+ }, L
Provided operational update: Grande Prairie emerging as the key focus for F09
' f1 G+ X9 l% GGMP Securities maintains "buy", 12-month target price is $12.00* d! e% @7 ~& i: h
2 ]+ t; v3 U) h$ ERockwell Diamonds (RDI : TSX : $0.07)
0 f+ u& c8 O& f) U w% ^Operations starting to turn the corner' e& V/ x( `/ U4 g
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
, F8 l7 D, r& `0 ?# J# S4 a, C$ d3 yReleased Q1/09 results: in line, subscribers ahead4 V; l( n& L7 v& |( T# U4 `& T7 S
Credit Suisse maintains "neutral", 12-month target price is $25.50& e% J* c; T* x
GMP Securities continues "buy", 12-month target price is $26.50
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( m% m# T0 ` Z3 N+ ~# w4 |5 ]Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
. }( C9 g* @7 w# fHeld a sell-side lunch showcasing new U.S. team, E0 Z- l) N/ Q$ v1 O
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)- X. L3 A& X% ?8 @8 W, n$ z' R
Awarded Russian contracts
! n& a& V" b* T# A' s8 E1 nBlackmont Capital maintains "hold", 12-month target price is reduced to $8.759 e+ C, z$ @, |" c
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
1 S0 i( s9 _$ s5 FRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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4 ]# |* E# w1 q- ~: rSino-Forest Corp. (TRE : TSX : $8.93)
2 F9 P2 ~5 Q( x8 p& [8 _/ @+ {3 ?9 }1 MChinese furniture exports rose in November; a2 k x4 |) Y; D
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
6 s1 c# k& u2 g: m7 t5 ZShea Creek's two largest deposits have become one
@9 j# b0 E) {- g* g% a! RDundee Capital Markets maintains "buy", 12-month target price is $2.750 h: w. L5 }6 G: N: k$ |+ M; [2 ]
8 E% m; d& _, [: P, w3 XVero Energy (VRO : TSX : $4.72)
I& L; Q9 \2 Q: ]) _0 ~0 x5 lReleased Q4/08 results: horizontal focus to continue in F09
5 W& @! ?' O L- B hDundee Capital Markets continues "buy", 12-month target price is $8.00: p. R% P+ p8 {5 M, K- k' g1 W! w
GMP Securities continues "buy", 12-month target price is $7.50
0 D; s# Z3 I/ R; k4 p: Y8 wParadigm Capital continues "buy", 12-month target price is $12.008 A! U0 G9 x' p% {) o% {
RBC Capital Markets maintains "outperform", 12-month target price is $8.50" q9 P! y$ J2 z& l
1 S V0 n; D9 y. j$ wWi-Lan Inc (WIN : TSX : $1.75)$ j. R' F' ~0 S7 C
Hit homerun with Samsung& Z4 U$ R; y) J# z( k* B8 m4 i
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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