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Ear on the Street --- Jan. 16 2009
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" C/ l' Q, ~. s) N8 Z1 v# H2 S. XAbsolute Software (ABT : TSX : $3.36)' e6 M3 V/ W1 f2 k. S3 p
Bracing for a tough few quarters
- ]+ f' W/ D u- b% QCanaccord Capital maintains "hold", 12-month target price is $4.509 N# F$ h0 S% U3 j# A0 w& T0 C
s& A u' e& v* yBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45) `5 G' d8 ?* N$ R0 \0 P
Growth outlook, challenging pipeline and high cost structure make future unclear
6 W" t, r$ T) p, t. N; gBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
% w% [/ M3 m7 ?( e) K) ^2 {. \TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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6 I/ A; L: C, i! H" @# ~Astral Media (ACM.A : TSX : $22.98)
x6 s/ @8 G) LReleased Q1/09 results: strong, in light of challenging operating environment
3 v2 T& w7 e/ xBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00- z: [& O+ N, G, W b5 f
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.009 m6 N: c4 l# C, s/ g. q
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
0 p: c- m- ]3 f. f; d( ORBC Capital Markets continues "outperform", 12-month target price is raised to $31.00$ M: E9 j( N9 g
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.001 g% t/ k; U$ @ ?0 s
, q" g" {! a' \' n. u; s4 x- H6 eAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)2 L% W2 d H; ~2 J0 X' r; f
Well positioned with gold production forecast to double this year and next
( r2 y5 N9 b4 v5 K! [8 r% wBlackmont Capital continues "buy", 12-month target price is lowered to $83.00* i4 C8 J I' U; u4 o
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.002 u. P2 s" J& ]
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ARC Energy Trust (AET.UN : TSX : $17.15)
+ g# l5 Q" d1 R% L4 q: V9 f0 XReduced distributions by 20%; capex also cut
" o" e8 V1 W- B5 V: oRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
. r& Y/ ]3 J. ~" ZAnnounced F09 outlook. G, Y/ {+ t3 g9 R
Paradigm Capital continues "speculative buy", 12-month target price is $2.25$ t D7 F q- }+ @: o
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00' ]3 `1 `' s+ ]3 @" c$ B
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Bombardier Inc. (BBD.B : TSX : $4.65)
& p' ^, j1 o, v- [Rising challenges in Aerospace
2 N* H- L6 i( j2 t5 Q7 PGMP Securities continues "buy", 12-month target price is $8.00# X5 v* D V. \% n& e
3 P( K S* q9 r% Q) P* u# bBank of Montreal (BMO : TSX : $31.84), F# M* A. [5 M
Acquiring AIG's Canadian life insurance business
& [7 i4 h5 L3 yTD Newcrest continues "hold", 12-month target price is $37.00
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0 ?2 W. C; t' g1 ~Cogeco Cable (CCA : TSX : $33.37)% k$ Y% F/ q7 U- g1 E' `' A5 {: t
Q1 review: Canada results encouraging, but Portugal remains a drag$ n. r5 \) K6 ?6 S7 s
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
! ~+ s$ I* Q% ?' NDesjardins Securities continues "top pick", 12-month target price is $40.00% ?3 S' ~% Q+ o' |! m% |& T# u
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00% a) y- \/ F7 y9 M: i
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00" v" _& E7 n. d9 E3 \
) D, q5 G2 |! _5 X3 Z4 fCorridor Resources (CDH : TSX : $2.45)6 O& O6 z) k4 ^7 c2 w8 S
Capital budget set to expected cash flow; production guidance lowered
R/ H! K1 n6 t, v: c% FRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
3 H1 V# f/ Y: d+ @# QStrong radio and cable drives 39% EPS growth
$ h, Y5 p$ j( I+ nScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51); y' B2 k; [. B0 ^5 P( s* {
Taking action to address tough operating environment
1 ]- K) x( v1 M7 S% S/ UBMO Capital Markets maintains "underperform", no target price reported
" W" C- P5 e) N3 w" ~' o7 y' NCredit Suisse maintains "neutral", 12-month target price is $1.005 Z1 U1 d5 j& f% \
GMP Securities continues "reduce", 12-month target price is $0.50% d1 c" w7 K: D2 Z, e
RBC Capital Markets continues "underperform", 12-month target price is $0.75& `( O3 X; c1 E7 K! h# r
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
/ ?+ b4 U8 [3 d, f) hQ1 revenues in line, EPS beat
O: p# ]& e& ]/ E2 g GBMO Capital Markets continues "market perform", 12-month target price is cut to $15.001 L( N/ ~- r* D, `6 Q
Credit Suisse continues "outperform", 12-month target price is $20.00$ ]1 B; o4 g0 D
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.003 {( k! X, D6 g; x' v* C
GMP Securities maintains "buy", 12-month target price is reduced to $17.00% G/ z' Y4 h& X3 n4 S
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
- j' b2 @3 h/ x; K+ D0 SScotia Capital Markets continues "sector outperform", 12-month target price is $18.005 f) s; a' W/ ?3 S3 K
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Calloway REIT (CWT.UN : TSX : $11.84)
% X% X6 f$ r. `. |" G3 v; eHeld investor day
8 a- v+ f2 d0 }Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00, j( B4 {- t1 y" g1 g
4 |$ S/ e+ l3 ]9 f! `Daylight Resources Trust (DAY.UN : TSX : $7.77)
9 _ i' @# S' K* ^! U& N; `9 lReduced distributions by 38%; guided for lower capex: h+ {: V7 v- U1 m
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.009 C; G9 i- l. s5 {
Dundee Capital Markets continues "buy", 12-month target price is $12.00; A, j8 d5 b/ O0 _
TD Newcrest continues "hold", 12-month target price is $7.50
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) n+ P T8 N( t6 G$ [EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
; D+ M# Z, Y; M' I K7 NSteady market and currency tailwind' O, [' a" M# o( M
TD Newcrest maintains "buy", 12-month target price is US$5.00
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; X- o) E# V @5 Q$ vGoldcorp Inc. (G : TSX : $29.74)
9 ~! t! e5 N1 j: |2 \Revised commodity forecasts
0 A0 s, L. H2 D3 S6 t9 ^( Q" aBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00$ T* _/ P! w0 i! p7 ]. w, Z
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Heritage Oil (HOC : TSX : $3.77)' e. E' ^$ f# f: m9 [+ s
Announced Ugandan commerciality on exploration success
& ?! K" e/ t% oTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)* q/ B4 I1 x: Q* v3 u
Retail division suffers' |" S0 M. c# ]$ f5 Z8 Y$ o
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
q; M+ B, K8 X) z! y6 J$ _Westmoreland provided more high grade at Redtree's Jack Lens
9 [: g) x4 n0 @& @! B* d& wDundee Capital Markets continues "buy", 12-month target price is $2.30 R" ~! n1 m1 k1 ^$ l; {
( A% y/ R7 E! w+ {Lockerbie & Hole (LH : TSX : $6.00)/ L' U4 p+ } n7 P1 o4 `5 D
Released Q3/09 results: very strong, focus should be on active backlog
" c: k) ^ @( w# d' YGMP Securities continues "buy", 12-month target price is $9.00( @* K4 Z1 t. @3 W9 m1 p' g( Q9 A
Raymond James maintains "market perform", 6-12 month target price is $8.254 A7 z; N: [0 x4 ^/ }
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)+ A6 ?$ m; J6 k/ z5 L) x
Reduced distributions by 70%
$ f' z; k" g) o- i1 {" aRBC Capital Markets maintains "outperform", no target price reported! ~0 Z. h# K0 @. B) ^
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.505 t# D! @3 z9 A
: C, A+ v( d+ {Matrikon Inc. (MTK : TSX : $2.04): |$ ^3 W- d5 G# F
Released Q1/09 results: a little light, but still respectable1 P& }, I) D* {* H$ y1 C% u0 _6 g
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50$ Z; k# z7 l6 Q" m4 p, n% m
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)/ q* g- y( F, ]: ?5 F3 `2 w. ]
Expecting lower CFPU on higher taxes
n% R; ^- M( y+ c0 TBMO Capital Markets continues "outperform", 12-month target price is $18.00# J/ G' `( T. X
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
! X( h' _6 d! S5 OTD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
/ n; c0 N& W$ K) w. uReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
0 H$ S0 |! V- `4 z. L( LBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
: `8 z {" C! O5 s, K- R( sCredit Suisse maintains "neutral", 12-month target price is US$1.00+ H+ c6 Z( F% r% d+ Z5 H% x
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), D( S' P9 a8 G3 L
Dietary supplement business facing headwinds' M: x, D5 e; k& U8 U
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00- B$ \! _1 N8 M) y( X* n
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Open Range Energy (ONR : TSX : $1.18)
+ ~" C2 W) d* T- U. |Provided operational update and F09 guidance
# V' t' R' t0 F; n [Haywood Securities continues "sector outperform", 12-month target price is $3.25
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3 ]+ k% g; ^+ g7 @Osisko Mining (OSK : TSX : $3.13)8 d6 b9 g0 w( }; F- ~& B5 t+ K7 e
South Barnat resource around the corner
9 \$ y' j4 l$ F d6 ^! X- i! v" ^Paradigm Capital continues "speculative buy", 12-month target price is $4.751 n( P* n$ p6 m2 {
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
$ S* ]3 H6 L0 ~; A, a6 A$ ^6 tProvided operational update7 z7 \( \4 ~' ^9 S( h* ~, ^5 Z
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00' Y- {" o# B6 c
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.504 u8 S& [& C. y3 B$ z4 n. m
8 J7 b* c7 X0 z1 i' ?6 ^$ mParamount Resources (POU : TSX : $7.85)
9 S# N" ]& `3 B# }" `4 G' ?Provided operational update: Grande Prairie emerging as the key focus for F09
4 O! J# c. D1 F3 jGMP Securities maintains "buy", 12-month target price is $12.004 t2 c4 x3 `: y! _# g0 G* r
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Rockwell Diamonds (RDI : TSX : $0.07)6 d" E! v6 A' c* ]" R! a& y: E
Operations starting to turn the corner' G7 f4 @5 P5 m. u( T" b
RBC Capital Markets maintains "outperform", no target price reported
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3 M3 j( a; u5 v9 }8 WShaw Communications (SJR.B : TSX : $20.13) K* {& Q! ]/ {- _5 n6 D" Z9 r' `
Released Q1/09 results: in line, subscribers ahead
* _& N) P3 B$ g% A' [' D* OCredit Suisse maintains "neutral", 12-month target price is $25.50
' y4 B: F+ F6 @* BGMP Securities continues "buy", 12-month target price is $26.500 W& A+ _/ `- E- m' R, ^5 I
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48); D% l% i+ w. D7 e% ^2 o2 h
Held a sell-side lunch showcasing new U.S. team
8 a+ }6 r8 N+ S1 F, W( |7 DScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)8 G8 P# i" Z' w$ j6 @' @3 v, m9 c& }
Awarded Russian contracts& i( G: I& F3 N; W! J0 P9 i
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75& y6 H: v9 m$ e9 l' g0 L
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
( Z6 s2 n& W8 ^' o, ~# `RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)0 K% F' T: X$ R/ e
Chinese furniture exports rose in November- g, Z" L, z3 `. `( [' O. R4 m
Dundee Capital Markets maintains "buy", 12-month target price is $23.502 M/ R3 e# g9 S7 H6 d7 S
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UEX Corp. (UEX : TSX : $0.88)4 T1 I) C6 x: I( n; ?. F2 e
Shea Creek's two largest deposits have become one ]- y& F# d5 ~2 Q
Dundee Capital Markets maintains "buy", 12-month target price is $2.75% O* d- w( k2 X/ b' H
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Vero Energy (VRO : TSX : $4.72)+ D5 o1 x# N+ w6 s/ I' _
Released Q4/08 results: horizontal focus to continue in F09) U/ T, l: h. t
Dundee Capital Markets continues "buy", 12-month target price is $8.00) I0 p" D$ G) M, }9 l" s+ h
GMP Securities continues "buy", 12-month target price is $7.50
f- u/ S" J, v; Q( RParadigm Capital continues "buy", 12-month target price is $12.00
* I* I7 L( m9 Z& C- {( ARBC Capital Markets maintains "outperform", 12-month target price is $8.50 q9 E# \' a Q L7 o/ B
+ A' L1 Q/ P2 t) t2 }0 @Wi-Lan Inc (WIN : TSX : $1.75)
4 f) D) [+ k5 D7 o' v" j# ?Hit homerun with Samsung+ o5 U6 E; _! Y2 e! `. C, Z) y
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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