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Ear on the Street --- Jan. 16 2009
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! e: w' q. {0 o. VAbsolute Software (ABT : TSX : $3.36)1 z% n" O/ E) c4 f7 C' o0 \9 o6 _
Bracing for a tough few quarters8 n/ w4 A9 b0 C0 O, A
Canaccord Capital maintains "hold", 12-month target price is $4.50
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8 [- q- b3 V& `2 y$ D5 ]9 gBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)2 o+ E8 |' j/ e0 u, m+ B- v" _( V
Growth outlook, challenging pipeline and high cost structure make future unclear* j( T# l: {2 c M# a
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
1 I5 L8 z4 Q5 Y2 {* CTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.001 [" { n4 G5 V! Y$ q$ N/ O
9 z& G& x V3 d0 ^, V, l' k3 XAstral Media (ACM.A : TSX : $22.98). ?* |; A8 j% q- R9 t
Released Q1/09 results: strong, in light of challenging operating environment
* ]3 }( L) b1 w. l4 x1 JBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00" D+ p, q |$ Y. e9 r
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
0 e8 a' \9 T$ Z" }GMP Securities maintains "buy", 12-month target price is reduced to $30.002 I( d6 p- \- c5 {0 i! _
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
4 S: q$ ?+ a$ Z& tScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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) T$ w- _5 [2 bAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)3 g" q* X( ^# E' W! ? O' l
Well positioned with gold production forecast to double this year and next
& ~$ A" M* c$ e+ z" }4 rBlackmont Capital continues "buy", 12-month target price is lowered to $83.009 s0 f" {; G3 l6 B7 F
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15)% Q1 k" Q/ d N% `( p
Reduced distributions by 20%; capex also cut
4 k# A& C* Q3 i! i% D% HRBC Capital Markets continues "outperform", 12-month target price is $19.00: i+ E1 M1 l2 |4 U* `* [
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Andean Resources (AND : TSX : $0.75)
6 b0 h* C& S% QAnnounced F09 outlook
! P' O; g4 {+ c( rParadigm Capital continues "speculative buy", 12-month target price is $2.25
* q, g1 B2 {* mTD Newcrest downgrades to "hold", 12-month target price is cut to $1.003 e' `8 }% P6 y6 E7 y
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Bombardier Inc. (BBD.B : TSX : $4.65) h6 _* ~) N! t# L
Rising challenges in Aerospace
9 s5 P4 i7 _* l; j& G: yGMP Securities continues "buy", 12-month target price is $8.00, f" A" W* Z% M4 K
, o9 R% h. w# PBank of Montreal (BMO : TSX : $31.84)
0 ~0 U, C9 Q1 a* [- AAcquiring AIG's Canadian life insurance business
# f+ B* b1 v, p3 U, vTD Newcrest continues "hold", 12-month target price is $37.00* T* ^6 } D1 v: y; W
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Cogeco Cable (CCA : TSX : $33.37)! i/ E4 @8 ^& F+ q; t
Q1 review: Canada results encouraging, but Portugal remains a drag9 z, n. G6 g# ?
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
; o+ ?" ^% X v' _% yDesjardins Securities continues "top pick", 12-month target price is $40.00
% c" L; u8 \( x" IRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00/ s7 V. ^/ x0 y) \) y
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.009 E9 w1 \$ I0 c( R! X6 _+ s. G6 p" d
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Corridor Resources (CDH : TSX : $2.45)
t7 \' d. q, E7 T/ q5 }Capital budget set to expected cash flow; production guidance lowered2 L5 t( i6 W3 M/ _& c, t. g$ w
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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5 x& W! O( d1 s9 |2 i GCOGECO Inc. (CGO : TSX : $25.14)- {; l5 B; v; q) J
Strong radio and cable drives 39% EPS growth
' |6 C4 V, u" w* U% R$ ^' s tScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)+ }+ l) X" [) M& N4 Y" Y9 t9 {+ ^1 H8 ?
Taking action to address tough operating environment
# z4 P+ y" V+ y) A8 g. G, [BMO Capital Markets maintains "underperform", no target price reported
' m% F+ n1 O% K2 X7 {( z1 zCredit Suisse maintains "neutral", 12-month target price is $1.00
) j. ?5 t1 \4 w1 Z3 b3 b+ w' l3 zGMP Securities continues "reduce", 12-month target price is $0.50: x' A: V6 |( {: j5 Y$ T: k
RBC Capital Markets continues "underperform", 12-month target price is $0.75
7 k; S1 o1 O/ Q9 Z/ z7 d: tScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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, Y: c \% Q/ k4 LCorus Entertainment (CJR.B : TSX : $12.47)
2 C. p: I3 {; |Q1 revenues in line, EPS beat. B9 x. u- r$ I# K9 G7 P: G
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00' z* |2 a, J* C& t3 B ~5 D
Credit Suisse continues "outperform", 12-month target price is $20.00
5 S& x9 C$ `5 qDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00. ?7 D; i9 N+ k- U2 p4 h+ r5 T* a
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
+ ~: b0 E6 ]; fRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50- h L0 s) [2 W" Q) K2 k) d
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00/ q# ^3 A `2 Y4 n
7 i, J9 s2 `* T- o( h3 R, d$ uCalloway REIT (CWT.UN : TSX : $11.84)
2 y% ^: K" C* D( f' G$ ZHeld investor day
3 ?: l6 W! L1 g, [; e Z% L5 rScotia Capital Markets maintains "sector underperform", 12-month target price is $11.000 Q- n& V, e* [( o( {# W; d
$ k* Q) b5 C4 p4 l) I8 f# A8 | zDaylight Resources Trust (DAY.UN : TSX : $7.77)+ I3 X3 Q, `/ w& j
Reduced distributions by 38%; guided for lower capex6 _( q* P e) B
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00) a# G) g4 a! O. Y5 G' l5 u. O
Dundee Capital Markets continues "buy", 12-month target price is $12.00
3 m4 V: ^* F8 ?0 N+ I5 STD Newcrest continues "hold", 12-month target price is $7.506 ~1 y; E- j0 G5 d1 b
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
& E o4 J) Z* ]1 ~6 }% USteady market and currency tailwind
' N+ }( I3 w0 m2 r* JTD Newcrest maintains "buy", 12-month target price is US$5.00' Y- d i) B, L; ^/ j$ D
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Goldcorp Inc. (G : TSX : $29.74)
8 N4 x5 \/ `2 E5 [Revised commodity forecasts9 V2 z) N: L; W6 v" j% P% |! A
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00/ u/ }9 Z8 ^. V3 {
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Heritage Oil (HOC : TSX : $3.77)
% k+ r$ q2 a; vAnnounced Ugandan commerciality on exploration success, n5 E3 E w6 ]. X
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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5 b" t3 \- X- Z B' \Harry Winston Diamond (HW : TSX : $4.98)2 r: _5 w* L) f5 d9 {
Retail division suffers
+ o* s& t4 q; H" J: k* r9 k+ ]3 tDesjardins Securities maintains "buy", 12-month target price is $12.608 ]6 {! M* y# R3 o8 J; T
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Laramide Resources (LAM : TSX : $1.84)$ M2 l- M, y$ K
Westmoreland provided more high grade at Redtree's Jack Lens
& r* i6 @% s+ }' ^9 ADundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
0 e0 X* G' b) D! r' hReleased Q3/09 results: very strong, focus should be on active backlog
6 t$ i7 h! |2 k" _& c7 B" eGMP Securities continues "buy", 12-month target price is $9.00
. e& W/ A( `: w2 h" {; DRaymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
3 y( x! ?" O; ?6 b3 c$ i& b2 Q! j" ~Reduced distributions by 70%
& f0 \; l1 d- ^" u0 z9 FRBC Capital Markets maintains "outperform", no target price reported
% g- N8 i' l" s5 o2 v2 q2 {Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)0 }& h% v( G) X$ n) l0 D( J
Released Q1/09 results: a little light, but still respectable
; G+ x7 m* ^2 H& J. n+ V8 k* nBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.507 D1 y$ N5 C/ t2 Q) w6 \/ i
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)( b. @+ F9 l+ K7 k
Expecting lower CFPU on higher taxes. F1 m# K. s8 [2 q1 k3 r5 Y" G% p
BMO Capital Markets continues "outperform", 12-month target price is $18.00# i/ V. S# `# ?; A, P1 f5 H
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
! M' k& J& v& C. L4 ATD Newcrest continues "buy", 12-month target price is $17.00( y; D$ J8 y# y8 Y1 M5 _
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)- f( p! M% Q, |
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain, K; o8 a u* b# f8 z: a3 K
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
- r% _5 C, m$ E" b K3 {& G$ t8 QCredit Suisse maintains "neutral", 12-month target price is US$1.00: R3 ]. U3 H Z: g( }
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)0 c5 w( Y' W5 _7 o$ N c
Dietary supplement business facing headwinds- r& p2 @- q8 E3 R/ {" ^
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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9 o6 }8 g1 V* vOpen Range Energy (ONR : TSX : $1.18)* R' S. B7 y2 m! Y# V
Provided operational update and F09 guidance
+ S# @! U( J/ V w; u+ k sHaywood Securities continues "sector outperform", 12-month target price is $3.25 ?% R, ~1 F+ d- o
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Osisko Mining (OSK : TSX : $3.13)0 k2 g- P! u& n6 D4 @- o2 X3 s
South Barnat resource around the corner; E, Z$ Y) Z1 S# t' `2 z! {6 j
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
4 V$ F4 b* ~2 ^Provided operational update
: r2 S; |5 ]3 ~% UBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
8 T6 N3 f; P+ L% sTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50- Y4 n- l; S" B5 J6 j
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Paramount Resources (POU : TSX : $7.85): B" G6 C6 s* S3 H, E
Provided operational update: Grande Prairie emerging as the key focus for F09
; z% n& U0 D) x. \$ F! |) LGMP Securities maintains "buy", 12-month target price is $12.00$ k2 S' _1 M# @+ j0 {8 X/ ]
$ q3 W% ]3 ]$ y& _- g+ |# jRockwell Diamonds (RDI : TSX : $0.07)5 |8 N6 h p( D
Operations starting to turn the corner
/ e1 C, ^ u4 }4 |8 wRBC Capital Markets maintains "outperform", no target price reported( A4 A0 K& J2 \. ]* L q# b
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Shaw Communications (SJR.B : TSX : $20.13)0 l- k. n3 ~, A1 g: e: z4 V
Released Q1/09 results: in line, subscribers ahead# B4 G$ T# B* n! H- J
Credit Suisse maintains "neutral", 12-month target price is $25.50# X! |$ R$ q' F) G$ ?
GMP Securities continues "buy", 12-month target price is $26.50! n3 g$ S1 j- d# R
4 C: D4 ~! b8 l4 m3 uSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
. C$ O7 T2 _! T- n. o$ U# ZHeld a sell-side lunch showcasing new U.S. team
; K! ~" f' G, h2 e0 d; @/ M' }Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00- F1 i* Z6 U* m& H ~$ \0 Y } A* K
. s# k. v9 H: [( h* q3 c# ~" P, MTrican Well Service (TCW : TSX : $6.93): b$ \ k: g5 ?
Awarded Russian contracts% r* I8 R7 Y& ~) ^1 L3 ^
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
4 t& k# E u/ o6 K6 YRaymond James maintains "market perform", 6-12 month target price is lowered to $9.000 g+ B; ]% R4 Y, E f% f. \
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00. B7 Z% W: B( V* U6 c- B: E+ p
4 G$ R1 e0 U" y4 \Sino-Forest Corp. (TRE : TSX : $8.93)7 p Y! N7 g/ L& o+ h' r; a& {
Chinese furniture exports rose in November
0 W- |7 Z; Y8 r5 Q0 T. o. u/ H$ VDundee Capital Markets maintains "buy", 12-month target price is $23.50& K) \9 J0 _/ P; n9 I7 j
8 K# K& b# h# lUEX Corp. (UEX : TSX : $0.88)
" p3 q0 f. U3 D, k- f' `Shea Creek's two largest deposits have become one5 g& ^+ O' g5 _+ u/ ]8 J
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)) a+ p1 b- o. m7 p% b
Released Q4/08 results: horizontal focus to continue in F09. S1 F- J; i& q' c1 W( m* G+ j1 c
Dundee Capital Markets continues "buy", 12-month target price is $8.00
: u8 s& K8 Z- I2 w3 ]( k, g bGMP Securities continues "buy", 12-month target price is $7.50
o) X8 f3 z1 t, c9 P1 O2 o; u6 iParadigm Capital continues "buy", 12-month target price is $12.00
. u6 k* V/ [( h7 p( ZRBC Capital Markets maintains "outperform", 12-month target price is $8.505 N: g. ~! V, A
/ I* a* `# t% wWi-Lan Inc (WIN : TSX : $1.75)
' o) q+ B5 ^. i. z# {- q. wHit homerun with Samsung
3 U3 Q& [! G8 \* W! O3 WParadigm Capital continues "buy", 12-month target price is $3.50 |
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