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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)* v% t) U7 ?$ N( z" n W' l
Bracing for a tough few quarters
% D# ~& ?8 E/ i) rCanaccord Capital maintains "hold", 12-month target price is $4.50: }8 P4 L+ y* [* H( X8 a! u3 {
' e0 \8 Z* E. D; j9 z; l, sBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
1 v' @. e3 i9 {7 JGrowth outlook, challenging pipeline and high cost structure make future unclear3 B. x4 j6 w+ v& a# z9 d
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
2 j4 Z7 O4 f, p& |TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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/ p" M3 `( E8 A) {Astral Media (ACM.A : TSX : $22.98)
6 M9 J1 c& R( T" X: Q9 ^" A# G, \5 eReleased Q1/09 results: strong, in light of challenging operating environment
5 X2 h! S l* f1 |$ Y. T1 F2 zBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
' G8 X# P8 Z# z$ V& O1 MDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
; o6 o9 a; Y& B2 f7 E8 s" OGMP Securities maintains "buy", 12-month target price is reduced to $30.00$ j! ^$ ]2 |1 {
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
; A2 p7 d4 V3 n. n: c6 }0 vScotia Capital Markets continues "sector outperform", 12-month target price is $30.00) B4 e5 N8 ~6 \$ u6 I K
" z; ?/ [) w8 f$ Y# e" UAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)2 g) Y3 y! i$ x& ^
Well positioned with gold production forecast to double this year and next7 K* o0 M4 ~# _# ?$ i
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00, v. L7 K/ }$ _
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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; s" _9 H# U* D* N/ E$ A* iARC Energy Trust (AET.UN : TSX : $17.15)
7 ?5 ?- F* E( K1 fReduced distributions by 20%; capex also cut
. j2 {, b2 x! ]1 E6 A3 gRBC Capital Markets continues "outperform", 12-month target price is $19.00: |0 y x5 F6 X4 a+ V- _& S
N5 e, U( ^/ i% aAndean Resources (AND : TSX : $0.75)4 t) a" y3 W3 Z9 p
Announced F09 outlook
, Q, f% H7 K# hParadigm Capital continues "speculative buy", 12-month target price is $2.25
/ ]& G) ]8 G0 N a. b- CTD Newcrest downgrades to "hold", 12-month target price is cut to $1.009 b) q6 A% B+ }/ | _$ d4 k
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Bombardier Inc. (BBD.B : TSX : $4.65)* i. B1 M$ O3 m" n. }) U4 k
Rising challenges in Aerospace
0 H" |4 h$ [3 P7 \3 {! \GMP Securities continues "buy", 12-month target price is $8.005 Y9 w$ {" ^/ V' e
) d/ Z! f4 v. x. l# \Bank of Montreal (BMO : TSX : $31.84)
/ o$ W9 r& P* I0 ~1 aAcquiring AIG's Canadian life insurance business. F5 r) z9 ?, a0 m
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)$ A. l# T$ h+ |7 T" a
Q1 review: Canada results encouraging, but Portugal remains a drag" M( T* t4 G8 C7 U Y. b
BMO Capital Markets maintains "outperform", 12-month target price is $46.00" R! G) G9 a n9 M5 C' `
Desjardins Securities continues "top pick", 12-month target price is $40.00* M7 C0 k& { l' ^" T* {
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
T! F9 x( Y" `; HScotia Capital Markets continues "sector outperform", 12-month target price is $55.00) @# h% q) ^" j9 b& [) S0 V
; D1 `9 S5 b( @8 t- M# X1 ?Corridor Resources (CDH : TSX : $2.45)
3 X+ X6 v+ F& p5 XCapital budget set to expected cash flow; production guidance lowered
5 @; w$ Z, S) U) FRBC Capital Markets maintains "outperform", 12-month target price is $4.25, ]- \: s, f3 e* Y2 t
- ]* a" s, Q. N/ ^9 Y7 f: }3 xCOGECO Inc. (CGO : TSX : $25.14)3 x% u: X; {" [0 w/ e
Strong radio and cable drives 39% EPS growth
% l" T! {- g% i! m7 ~Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
/ z/ M7 i: t2 S9 u3 v/ Z T1 g+ NTaking action to address tough operating environment1 r9 F U2 z P6 m
BMO Capital Markets maintains "underperform", no target price reported: _ G2 b9 ~6 M% J- G2 q, t
Credit Suisse maintains "neutral", 12-month target price is $1.009 F/ D7 R( i0 g+ P: `$ }
GMP Securities continues "reduce", 12-month target price is $0.50
# x0 P2 P4 m% L9 p3 f! xRBC Capital Markets continues "underperform", 12-month target price is $0.754 J+ I( X' K" ~% }/ d" X
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)+ p8 E7 B; U% C% F& x- k# I: ~
Q1 revenues in line, EPS beat$ y" L3 y1 t, X5 G: E, T9 {/ R7 A
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
# B: A' g8 U# |+ S- h" p+ e4 ACredit Suisse continues "outperform", 12-month target price is $20.00
9 J/ N' n k5 t0 I' e# ?& eDesjardins Securities maintains "buy", 12-month target price is lowered to $15.005 N6 r9 ]! Z: o( r; X1 f6 d
GMP Securities maintains "buy", 12-month target price is reduced to $17.00" D1 U1 h) h% J' B! R
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.508 r, A3 T5 f% |7 u2 u1 J
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.001 _7 N% v- K' ~" c$ K# X
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Calloway REIT (CWT.UN : TSX : $11.84)" x. D/ ? [" q3 N% l/ Q
Held investor day
! F& p+ F; N- h, c3 I1 G( jScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00, l" y+ C- s6 ?( K; P
5 P5 Q6 z+ r7 j X2 ]5 @) }5 RDaylight Resources Trust (DAY.UN : TSX : $7.77)3 N6 W9 @. M5 X3 ?" s' g
Reduced distributions by 38%; guided for lower capex/ G% [+ v; k% S* p) E& w! q
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00; R1 A- X, }8 X
Dundee Capital Markets continues "buy", 12-month target price is $12.00
5 f7 |, ^! r# w! _6 Q( LTD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)- m* p- T# g W2 @
Steady market and currency tailwind
" S; c8 D3 k7 r0 d# p' ~: \TD Newcrest maintains "buy", 12-month target price is US$5.00, C) o$ c9 ]/ y7 |/ g2 \: [! c$ O
; n: z" }6 P$ C4 `% ?2 j6 M2 vGoldcorp Inc. (G : TSX : $29.74)
1 A6 r% M2 a; c# i SRevised commodity forecasts
6 F4 p3 l& n1 a. X) ?% ^5 hBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)4 O1 Y% N$ `- `% h0 i
Announced Ugandan commerciality on exploration success. [. K( ~3 B/ V
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
. @, K: v6 g. f8 {- K* aRetail division suffers" K! F" P$ X+ X+ |* m3 p/ R
Desjardins Securities maintains "buy", 12-month target price is $12.60* H8 y- K- P8 |3 Y M9 l
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Laramide Resources (LAM : TSX : $1.84). u: i6 |( C- F. A) b: I
Westmoreland provided more high grade at Redtree's Jack Lens
7 x0 L. \* F4 T9 G6 gDundee Capital Markets continues "buy", 12-month target price is $2.306 a: R: P' _# }
% R& E: N8 S# T3 y8 P4 @9 ~5 {! W7 s0 VLockerbie & Hole (LH : TSX : $6.00)" O# \0 p: u5 @
Released Q3/09 results: very strong, focus should be on active backlog
0 _# q& \) M' K V/ ~GMP Securities continues "buy", 12-month target price is $9.00
# P2 O% R) p: J) e' v$ @' g3 \Raymond James maintains "market perform", 6-12 month target price is $8.25% }, @1 w* q% L
1 ]8 E( Q" e- s& |3 \% qLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
! {' G. p" P+ J7 U( X A9 Q! M( oReduced distributions by 70%; m/ e5 r9 N2 b, M: R
RBC Capital Markets maintains "outperform", no target price reported2 ~4 F | W# h7 z9 y8 @+ @( ]
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50* B2 V$ u' H: o
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Matrikon Inc. (MTK : TSX : $2.04)
- f* t) p5 K8 _" B! ]0 L' M( IReleased Q1/09 results: a little light, but still respectable
. o' a( G7 p W9 eBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50) Z7 Z0 F: q+ U+ p" u. V
Paradigm Capital maintains "buy", 12-month target price is $4.00* B3 ~+ K$ ^4 z) ]) Z
; z8 P5 g6 E2 k4 o; u9 a% uMullen Group Income Fund (MTL.UN : TSX : $10.97)
2 N- j% ^8 H* o1 FExpecting lower CFPU on higher taxes
% k. m! l+ q: xBMO Capital Markets continues "outperform", 12-month target price is $18.00) d& {1 [8 L- O& A# C
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
0 K/ {* I& d2 B1 f, m. o* BTD Newcrest continues "buy", 12-month target price is $17.00$ J' A3 z8 m' X* D4 Z0 @, \
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)) n+ @+ ~1 K5 v2 e* _/ j* H
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain1 D, P0 p; z$ I- d q) {2 W
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25* s( t. m$ G5 b
Credit Suisse maintains "neutral", 12-month target price is US$1.00/ ^2 k9 [0 X! h5 X V# h
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80* l; k3 }0 i3 E' |
$ q! O) v$ x- D; x( eNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
9 |, a% ]# f3 J; |# M% ~6 y) eDietary supplement business facing headwinds
, p' a9 f5 V6 t$ CParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
5 h# B! X' o9 O4 \$ NProvided operational update and F09 guidance& H% j6 H% h6 E4 ^' r/ ^+ m% X
Haywood Securities continues "sector outperform", 12-month target price is $3.25- Y# `) B" _6 V- k! H$ f+ E; U8 @
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Osisko Mining (OSK : TSX : $3.13)
n3 V" Z1 W$ a& bSouth Barnat resource around the corner
6 t1 Y2 N. M8 Q5 z1 ?) e6 mParadigm Capital continues "speculative buy", 12-month target price is $4.75# i, Q1 T5 X. G' {" j" R
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)5 P9 h' M' Q4 h" G; |: Z3 {
Provided operational update
! t* c% l1 l! O# }% Q0 O8 x& ~Blackmont Capital maintains "hold", 12-month target price is lowered to $19.008 F4 o7 E6 O- P
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)6 ?1 @$ `4 {7 f
Provided operational update: Grande Prairie emerging as the key focus for F09
6 z. o, @4 _- L' `& s0 w! }GMP Securities maintains "buy", 12-month target price is $12.00( X: V+ j7 k1 t: `8 z
* p0 V' R9 q( L3 pRockwell Diamonds (RDI : TSX : $0.07)
; `+ b: O, z4 g4 d OOperations starting to turn the corner
, d4 K. j' c: ]' m2 ^' @, fRBC Capital Markets maintains "outperform", no target price reported1 o, x$ z8 P) V3 Z2 Q
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Shaw Communications (SJR.B : TSX : $20.13)
. ^! A; C/ S, Y5 Z& `; [+ ^Released Q1/09 results: in line, subscribers ahead
2 F Z* m1 q1 }9 gCredit Suisse maintains "neutral", 12-month target price is $25.50
! J4 ~- I8 G' z# m+ GGMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
; U, D0 A) `& N: }2 gHeld a sell-side lunch showcasing new U.S. team3 n/ p! B4 a. y1 q, z+ ?
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00' l6 _8 N: D" B: t! V! L
4 b/ k; L- R2 q# U$ j ]2 W0 BTrican Well Service (TCW : TSX : $6.93)
" `( e& N# D4 R1 y2 W4 s1 r3 NAwarded Russian contracts
8 _% b0 ~$ _" }Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
1 V: i j& G7 E* ]! q4 r; M% PRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
* ^& [2 [1 _+ V- y. ]' l( E7 RRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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& E6 |8 X; k0 X0 t! n% SSino-Forest Corp. (TRE : TSX : $8.93)* `4 `# Q( m+ g# n2 S
Chinese furniture exports rose in November1 ]* m% ]9 }9 y
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)$ X: ~/ d5 P: R, a1 @
Shea Creek's two largest deposits have become one2 k9 I. l! |4 z$ U0 M( c
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
1 w" E+ \+ O& o% e3 }7 hReleased Q4/08 results: horizontal focus to continue in F09. a' { Z( l; d& N
Dundee Capital Markets continues "buy", 12-month target price is $8.00
& a3 L3 G. y1 Y+ O i0 k2 pGMP Securities continues "buy", 12-month target price is $7.50; U, V5 |; w4 v* j2 t& L& Y
Paradigm Capital continues "buy", 12-month target price is $12.00
1 k) n( `1 K5 Y U3 h2 \. o2 e- FRBC Capital Markets maintains "outperform", 12-month target price is $8.50& k# ], N, {' O8 ]! l
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Wi-Lan Inc (WIN : TSX : $1.75)4 n& f+ S2 ]7 y' H3 N, g1 N
Hit homerun with Samsung8 {) ^* |; g' H8 X) ~
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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