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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
6 m& ^7 r: P) a' N( g2 bBracing for a tough few quarters5 [& Z0 X& R- W z- n
Canaccord Capital maintains "hold", 12-month target price is $4.507 n7 L* G, M; v1 `& F: _
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
0 C. @1 P% _5 {& k6 a: @Growth outlook, challenging pipeline and high cost structure make future unclear( `7 k: U2 V( t4 W# h. I( m
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
3 _1 M- n- U, p$ z. JTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00( c! m( Y0 Y' j1 A* P
9 J0 b" e- g- S* |) @8 S( iAstral Media (ACM.A : TSX : $22.98)
# I, G+ q( j6 o% U" \; bReleased Q1/09 results: strong, in light of challenging operating environment4 R' v) \9 A* n/ ?! a
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.002 L, A4 h' t, p# @3 z
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
+ |) ~. [# o6 o; D: DGMP Securities maintains "buy", 12-month target price is reduced to $30.00
9 k# d9 v( k: k3 pRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
+ D5 W; @: v/ W! ^! R7 ^# _Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00* W/ G# X8 [- a$ i0 c
4 W6 p9 ~- L4 \& A0 f! Q, uAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)4 H( j& D/ X; S6 U3 e% q* K. v4 D
Well positioned with gold production forecast to double this year and next5 Y$ U( s# u2 {+ x8 z! g1 d3 `: F
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00 h" L+ u6 T2 k. s6 f0 L6 a
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.005 F {6 O; W7 v$ k
( n2 e8 l! f; `) p. P& e4 |5 |# B) H# rARC Energy Trust (AET.UN : TSX : $17.15)0 i8 q9 r4 ~/ B3 u) j3 G6 i& x; e
Reduced distributions by 20%; capex also cut
0 i( ~/ A3 _& K; i+ O, JRBC Capital Markets continues "outperform", 12-month target price is $19.000 d6 d v/ ^4 M( ~
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Andean Resources (AND : TSX : $0.75)
* H$ S4 C; g! J2 o% ^' M1 o2 U+ _Announced F09 outlook
8 z1 p) ]* i& f1 ?Paradigm Capital continues "speculative buy", 12-month target price is $2.25
+ Z( @4 q5 q! X3 NTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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3 o4 W+ z" p& j/ G6 T% j/ N1 EBombardier Inc. (BBD.B : TSX : $4.65)" u2 K, I, X, N) Y* X
Rising challenges in Aerospace
9 r* D0 Q! v4 k/ p* _GMP Securities continues "buy", 12-month target price is $8.004 A* e( q3 ?7 j( k# h
i* H! \0 [# k# G3 pBank of Montreal (BMO : TSX : $31.84)
9 D9 F. k3 O+ W/ O8 ^" C4 JAcquiring AIG's Canadian life insurance business/ w' }4 b# z2 }9 Q' u5 q
TD Newcrest continues "hold", 12-month target price is $37.00
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7 B+ E3 L0 j3 z, j5 XCogeco Cable (CCA : TSX : $33.37)# j) T3 S4 M; H3 W! v
Q1 review: Canada results encouraging, but Portugal remains a drag
, x! w: Y3 b* VBMO Capital Markets maintains "outperform", 12-month target price is $46.00; I7 F9 F/ J f: u1 ~- R5 p
Desjardins Securities continues "top pick", 12-month target price is $40.00
! B* r/ y; |% N6 }/ s8 H# yRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
4 J* f/ g5 M- c) f' x0 L' X' }4 wScotia Capital Markets continues "sector outperform", 12-month target price is $55.003 p+ {/ Y. n1 j
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Corridor Resources (CDH : TSX : $2.45)
* Y. C5 ~$ {3 R0 K$ }0 W, ?, SCapital budget set to expected cash flow; production guidance lowered
2 |) f0 J# }0 p6 l& H5 lRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)9 }7 h6 p D n
Strong radio and cable drives 39% EPS growth
2 q- a0 W2 K9 I# QScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
3 V0 H8 x0 d$ r" pTaking action to address tough operating environment. h) J" U4 @! P" V1 `
BMO Capital Markets maintains "underperform", no target price reported: V1 ^9 _) O' m! \
Credit Suisse maintains "neutral", 12-month target price is $1.00
% n0 D' K) ~7 |; ~$ x8 ZGMP Securities continues "reduce", 12-month target price is $0.50
k% n9 {* i2 B5 G9 m- vRBC Capital Markets continues "underperform", 12-month target price is $0.75
: W. J. W: E$ ~% C4 YScotia Capital Markets continues "sector underperform", 12-month target price is $0.50& Z/ U$ o5 @" z+ ]; F
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Corus Entertainment (CJR.B : TSX : $12.47)
$ J. }6 q: S2 O* q$ i {3 wQ1 revenues in line, EPS beat; [, `! V/ k' F9 ~- c% ~5 A K
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
9 C4 K; r- A/ A( E0 P; ?Credit Suisse continues "outperform", 12-month target price is $20.00
: p% c R8 j- p# U @* sDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
- P6 b8 f" }! P4 w5 X# j. o XGMP Securities maintains "buy", 12-month target price is reduced to $17.00
7 L# w' U4 v! ~- J; {: zRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
" |% c# p, X/ X( P6 m# ?Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84) [8 i1 r" u% \6 M3 N
Held investor day* J8 B' P# i7 l2 @! ?
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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+ A# b% i: r; |+ P0 _Daylight Resources Trust (DAY.UN : TSX : $7.77)0 [/ P+ X% G7 C/ U4 V4 i
Reduced distributions by 38%; guided for lower capex
% |. U- Z; U- h( I+ Z) zBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00, T# h1 Z. ]9 k, e4 u! s# k! S
Dundee Capital Markets continues "buy", 12-month target price is $12.005 G0 A3 h x8 ^) d. M2 Z
TD Newcrest continues "hold", 12-month target price is $7.50
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- n3 |; }4 k: q4 YEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
* W7 H- p" {/ ]0 [Steady market and currency tailwind& {1 D m/ V* P; A9 G
TD Newcrest maintains "buy", 12-month target price is US$5.00
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4 e$ H- g6 q+ \7 W2 {1 LGoldcorp Inc. (G : TSX : $29.74)
% W& ^ t( @ b2 j* @* W2 ~: cRevised commodity forecasts, }8 s+ d1 u: r- x3 x4 E; k
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00 x& ~. x/ O5 ^ o1 u+ j9 \
! e6 ?$ { f# r; `& h* GHeritage Oil (HOC : TSX : $3.77)
* e' v2 D6 t/ }' x' j# v: h% ?Announced Ugandan commerciality on exploration success u: m5 x; Z& V
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)) B F8 M8 d- H- s
Retail division suffers) P. E" s7 h7 F! x" }- F2 H
Desjardins Securities maintains "buy", 12-month target price is $12.60
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) V1 i+ t7 Y( c7 n8 LLaramide Resources (LAM : TSX : $1.84)
/ k$ i" D" S6 F9 C+ p: C g5 VWestmoreland provided more high grade at Redtree's Jack Lens9 X9 W* p- D: K1 T2 @) v+ @
Dundee Capital Markets continues "buy", 12-month target price is $2.30" H1 E- _ h: z" W
7 Q7 n2 ~, C6 g) N& JLockerbie & Hole (LH : TSX : $6.00). ]! M. U( i/ p$ k, C. l4 x
Released Q3/09 results: very strong, focus should be on active backlog+ |: c: Q6 V8 j4 L/ d/ N
GMP Securities continues "buy", 12-month target price is $9.00- g& x; h" `$ A+ s& @
Raymond James maintains "market perform", 6-12 month target price is $8.251 z% u$ y, N) J
1 c- [8 G* H0 q8 wLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
: z7 f+ E9 k) |) h5 pReduced distributions by 70%
% ~7 U* ~; _2 ], eRBC Capital Markets maintains "outperform", no target price reported
6 W4 T+ @0 ^6 C1 O4 f' XScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
: n9 j/ T) k' x, I! LReleased Q1/09 results: a little light, but still respectable
- [" j x. |1 [' z: D2 UBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
7 V5 P: ~+ J' f7 F) QParadigm Capital maintains "buy", 12-month target price is $4.00* s8 T4 g2 K$ ?) Z0 d
' U6 M3 z$ \3 s/ @- rMullen Group Income Fund (MTL.UN : TSX : $10.97)
' }, Y7 Y7 D2 a Y( I/ r8 PExpecting lower CFPU on higher taxes# f% x9 v" H& ~% y9 B# l) F$ h
BMO Capital Markets continues "outperform", 12-month target price is $18.00
% p. q- v# N3 d2 T: B+ Q s8 m/ URBC Capital Markets continues "sector perform", 12-month target price is $12.00
& O" z* S; y5 h7 \TD Newcrest continues "buy", 12-month target price is $17.00
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' B9 |: j7 d% s9 D mNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)2 H6 p3 M# t) S# L2 a/ l9 J
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
+ w9 i0 @. E" H& X4 Y; N0 P$ v1 MBlackmont Capital continues "hold", 12-month target price is reduced to $1.25- J( [$ ^+ P1 r: b. b9 U1 e1 j
Credit Suisse maintains "neutral", 12-month target price is US$1.00- u% N w: B& M# p+ ]
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.808 ~5 E+ {+ A% N. |3 Z
+ b' n. I$ o$ K" g7 d4 n( QNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
7 Y s; J4 I& qDietary supplement business facing headwinds0 h3 @( O# f% B' n
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.009 p4 k$ e1 P- m: ?' ] Y+ y
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Open Range Energy (ONR : TSX : $1.18)/ k2 P; R% o/ R, o3 r
Provided operational update and F09 guidance
% A2 B& Q! j& @Haywood Securities continues "sector outperform", 12-month target price is $3.25+ U0 ]8 q) a+ Y, W- C3 p
6 D0 u/ J2 |9 z$ K5 pOsisko Mining (OSK : TSX : $3.13)
) Y5 A2 H! S0 L/ U( Z- a1 k1 sSouth Barnat resource around the corner
$ C1 x8 t$ _) q0 `. N* x1 OParadigm Capital continues "speculative buy", 12-month target price is $4.755 }+ E' X4 w" r7 [
+ Z: w6 g0 |8 C& m3 HPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)" Y/ j4 |2 A% _+ N- X7 z
Provided operational update3 n- s o1 m+ M3 i
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
; o/ n7 Z4 B) ~" uTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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1 _& i/ \+ v) w I( k8 ?2 F YParamount Resources (POU : TSX : $7.85)
5 P# r" `' _. X# y5 PProvided operational update: Grande Prairie emerging as the key focus for F09& H. t% h2 P. S9 `9 `4 y) V# a; _! \( ~
GMP Securities maintains "buy", 12-month target price is $12.00
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, `- p5 z2 k4 r( j, HRockwell Diamonds (RDI : TSX : $0.07)5 O/ m5 N1 [8 V4 o; r1 u! K0 b
Operations starting to turn the corner
" b% g8 T; \# L% {( {RBC Capital Markets maintains "outperform", no target price reported; f% I# h- ~ y7 P' ]/ U5 B
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Shaw Communications (SJR.B : TSX : $20.13)! d, |' O$ s4 \2 T% m8 Q
Released Q1/09 results: in line, subscribers ahead
( l8 _3 N, B kCredit Suisse maintains "neutral", 12-month target price is $25.50
1 m' n/ f9 u& l6 B* t8 XGMP Securities continues "buy", 12-month target price is $26.50
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. E' h% `' e4 H& C/ kSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48) s& E0 z# w3 d* F5 K/ h
Held a sell-side lunch showcasing new U.S. team
- |) ^7 c, {) _2 s# Q+ DScotia Capital Markets maintains "sector perform", 12-month target price is $33.00" m2 u) o% D. W% n
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Trican Well Service (TCW : TSX : $6.93)1 s" _$ X* j. m; d% ^! o
Awarded Russian contracts
* N5 v e" K- jBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75 b3 W c. `6 g& |6 [6 Y
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.009 U9 }& l( O. s; w2 h' n
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00. u9 y9 k$ O& D0 j! B
1 ^) r" n! C& |# L# U; QSino-Forest Corp. (TRE : TSX : $8.93)4 [* I7 T) o5 W3 x0 d4 Z
Chinese furniture exports rose in November
' ?& g$ C' n# A9 L' k1 m# cDundee Capital Markets maintains "buy", 12-month target price is $23.501 g. }0 l7 R& {7 b9 a: Z
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UEX Corp. (UEX : TSX : $0.88)
. Q/ `) y0 o4 Y- I( e6 pShea Creek's two largest deposits have become one
9 m9 V1 l7 u( x. u9 xDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
7 v8 y4 v; \+ }$ J: N) ZReleased Q4/08 results: horizontal focus to continue in F09. z! O$ R, F% C4 t/ ^5 o0 ~% f
Dundee Capital Markets continues "buy", 12-month target price is $8.00
# N: C( ~+ M$ e2 W& I% nGMP Securities continues "buy", 12-month target price is $7.50
) z2 ]$ g6 W- m9 wParadigm Capital continues "buy", 12-month target price is $12.00
3 ]* v+ z0 T5 ~ V$ c5 a+ M( M& }# jRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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! Q3 C5 e! W/ o, g& K0 _! lWi-Lan Inc (WIN : TSX : $1.75)
" g+ k" w) ?( \- j4 B# ?3 s+ c, XHit homerun with Samsung; S d# u* H% s6 T
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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