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Ear on the Street --- Jan. 16 2009 a% a0 `6 o9 | |9 P) l5 m
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Absolute Software (ABT : TSX : $3.36)8 W! n5 w8 {3 L% u7 H N! E
Bracing for a tough few quarters
: f M2 q8 z- pCanaccord Capital maintains "hold", 12-month target price is $4.501 |7 s+ e: h d3 S' N" ~
1 S1 w) U, G, O7 f( W0 wBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45), V6 S# `- w: a& @- M8 V% v
Growth outlook, challenging pipeline and high cost structure make future unclear
: b( W. @8 [8 T# a: W5 EBlackmont Capital continues "hold", 12-month target price is lowered to $48.00" X* P0 ]- r& A9 y& _' X7 [4 M
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.002 `& R! }* t7 g/ D9 A! P) y9 U0 l
5 d7 Z( S# B9 u5 K8 v$ dAstral Media (ACM.A : TSX : $22.98)3 H+ l; ~2 U; E& K( r3 G
Released Q1/09 results: strong, in light of challenging operating environment o- [4 f- d% ?# ~, w, z4 l7 c
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00, I _" c# J/ G: C6 R
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
/ {( Y& P& Q" ~; T" g* b. dGMP Securities maintains "buy", 12-month target price is reduced to $30.00
( I) ^2 [! z1 {7 _RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
" I- a, Q# a2 X2 YScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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* x9 K1 W. i% i8 x, d3 B! r, kAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)0 g7 U6 R+ x2 f0 G* }
Well positioned with gold production forecast to double this year and next
0 ?7 `' | S# @3 _/ h' v2 r+ E: rBlackmont Capital continues "buy", 12-month target price is lowered to $83.004 ~! W# H2 {$ \& Z
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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# b9 A; ?% `: I7 L$ vARC Energy Trust (AET.UN : TSX : $17.15)* r! ^/ a% U' m4 i' s8 p" R
Reduced distributions by 20%; capex also cut$ J' f2 u4 T2 p; w/ n3 _1 @
RBC Capital Markets continues "outperform", 12-month target price is $19.00. V0 N/ X8 Q p7 h5 `
& a5 H' Q7 |2 |3 e3 } p# G4 bAndean Resources (AND : TSX : $0.75)
# ?2 } l! n( F! tAnnounced F09 outlook0 W$ n% v, K& \- a/ S: ]
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
" u a- K( K, sTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)2 {! |* s8 H x
Rising challenges in Aerospace/ m$ C K6 s% p0 u
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)- X# Z& O5 g: j& j' A
Acquiring AIG's Canadian life insurance business
- c2 Y, d" m! p% ~6 r! I, ATD Newcrest continues "hold", 12-month target price is $37.00( z# v( B" w, f. ^
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Cogeco Cable (CCA : TSX : $33.37)$ n1 Q/ j8 H* J( `) W
Q1 review: Canada results encouraging, but Portugal remains a drag
0 f0 U" ]1 f6 S9 K3 ^BMO Capital Markets maintains "outperform", 12-month target price is $46.00
, ]) u9 a* X# w/ rDesjardins Securities continues "top pick", 12-month target price is $40.00
* Z1 A' X3 x; Y1 [" c7 X& ERBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00+ \. N0 ^; b' n j: V
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.008 u/ i) ]6 k* W$ r4 J2 Y
. |% T1 s% y- x5 V. _! nCorridor Resources (CDH : TSX : $2.45)
W4 k( \# w: C9 NCapital budget set to expected cash flow; production guidance lowered
3 h" t% t6 o* K- eRBC Capital Markets maintains "outperform", 12-month target price is $4.25$ h* f! z9 A* S- P
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COGECO Inc. (CGO : TSX : $25.14)
$ E$ ?2 `" F+ m: ]' @& NStrong radio and cable drives 39% EPS growth
: ~8 O$ g8 ^9 A$ `4 CScotia Capital Markets continues "sector perform", 12-month target price is $45.000 t. i" ^' C3 r8 {! O7 d3 b
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CanWest Global Communications (CGS : TSX : $0.51)6 K7 h1 K" L. }* t8 r6 D5 I8 G- z
Taking action to address tough operating environment
: N" K% S; ?! |/ _# f7 R BBMO Capital Markets maintains "underperform", no target price reported
+ b& i. J/ ]# u' f0 x8 ?Credit Suisse maintains "neutral", 12-month target price is $1.00# Z9 b7 K6 \9 ?; |
GMP Securities continues "reduce", 12-month target price is $0.50# g/ h" I8 C( F
RBC Capital Markets continues "underperform", 12-month target price is $0.75
9 O1 w- y6 D4 O i6 J( b3 eScotia Capital Markets continues "sector underperform", 12-month target price is $0.504 W; \7 {5 u! W' E" y
2 q/ s9 y- V+ ]. RCorus Entertainment (CJR.B : TSX : $12.47)& D; E/ p& X8 O! p% \
Q1 revenues in line, EPS beat
B1 w; w" X% `5 n7 F' _5 sBMO Capital Markets continues "market perform", 12-month target price is cut to $15.005 }8 D7 m) I$ p& e8 d9 S+ a! Q
Credit Suisse continues "outperform", 12-month target price is $20.006 n; y2 {- k7 t; g: Y! X' f
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
, X, _/ b+ g8 ^8 U0 ~; pGMP Securities maintains "buy", 12-month target price is reduced to $17.00
& m$ t& j* n+ J* I4 H i. wRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
4 x9 O8 P" t( i" k, E6 O$ LScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)9 n* x* g# L9 r* I0 M7 C
Held investor day
+ v- B# V5 j3 Q2 Q! oScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00! f" r' n' l9 b }
& \1 A* F" M. s. @ ~$ p, H$ UDaylight Resources Trust (DAY.UN : TSX : $7.77)( e7 K% J, ~' [' E0 l+ f6 n
Reduced distributions by 38%; guided for lower capex
+ w) E' \7 v) u- `; q( bBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00" c4 K- J( G! Q' j0 m) u9 W
Dundee Capital Markets continues "buy", 12-month target price is $12.00
; W1 N0 I% S6 T! q3 j" pTD 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)
. Z2 U x# G/ H' T: n& dSteady market and currency tailwind
/ O% f5 _' f4 p" z1 tTD Newcrest maintains "buy", 12-month target price is US$5.00
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, X: r$ D. F d( J; gGoldcorp Inc. (G : TSX : $29.74)
2 A! [+ H* N+ j; U8 j% _Revised commodity forecasts K0 k/ G8 c- Q! a2 Z
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.002 _1 V5 O5 r" q* x
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Heritage Oil (HOC : TSX : $3.77)0 `' L" I+ c4 y5 F2 a8 _
Announced Ugandan commerciality on exploration success& J% N+ w2 x* X
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)0 D: Z# M. c+ `
Retail division suffers
/ p1 Q* l) f: T S0 @, o/ W- R) pDesjardins Securities maintains "buy", 12-month target price is $12.60, l0 y% [3 ]" D! }# ]: ^
8 [8 \7 |6 x. W; WLaramide Resources (LAM : TSX : $1.84)
, W- U" q5 W! U' vWestmoreland provided more high grade at Redtree's Jack Lens
1 @ ~' D- _" { u# EDundee Capital Markets continues "buy", 12-month target price is $2.30, u6 k/ S) L5 z% Q& ]( A( j9 q: k
0 W0 c- t$ F- e9 [6 }Lockerbie & Hole (LH : TSX : $6.00)8 J4 Y c8 s0 A' p
Released Q3/09 results: very strong, focus should be on active backlog
; m( i; Q% `/ {( Z) j. U1 T& y: M/ [GMP Securities continues "buy", 12-month target price is $9.00$ @" k# m- a+ X0 n$ n) d
Raymond James maintains "market perform", 6-12 month target price is $8.250 p5 g3 H7 `* V: f3 `
) \" j! e% J5 |- P5 X$ z0 _/ @Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
: ^& ~' P3 j4 l& W) L7 {) j- MReduced distributions by 70%/ D7 _! m N$ W# e3 x5 z! C5 n
RBC Capital Markets maintains "outperform", no target price reported
$ G# Q7 S% r7 WScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
4 d# I% M* E( m$ |* v4 G9 [. t* WReleased Q1/09 results: a little light, but still respectable, ~1 ?% T; |/ {& A
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50; Q" g1 m/ S) }6 F
Paradigm Capital maintains "buy", 12-month target price is $4.00$ s# t1 O0 r* Z
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)3 @+ m3 c# J5 q5 [9 N# d+ k: {
Expecting lower CFPU on higher taxes# K5 y4 N7 T, A7 g2 W
BMO Capital Markets continues "outperform", 12-month target price is $18.00
8 W7 c: p' {( S: H% n. iRBC Capital Markets continues "sector perform", 12-month target price is $12.00" E v" i3 u$ r7 k0 k- w0 v
TD Newcrest continues "buy", 12-month target price is $17.001 N4 y5 b# U4 h0 x9 x8 X
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
% ?$ h' O# \1 f0 c9 Q6 B$ EReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
* d& v3 ~) ]* KBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
. ]! v. c0 M6 d' s$ Y2 sCredit Suisse maintains "neutral", 12-month target price is US$1.00
" s% c0 T: H; ]1 h9 q3 B/ H% J. W, UScotia Capital Markets continues "sector underperform", 12-month target price is US$0.809 Q. a2 B- o' \8 s! L: N* O3 [
: k2 R9 o7 V9 Q) c9 z! ^- tNeptune Tech & Bioresources (NTB : TSX-V : $0.79) D$ q7 Z6 h2 Q& w9 f9 x& U
Dietary supplement business facing headwinds
' y3 d( W8 h+ {9 f# w/ d. EParadigm Capital maintains "buy", 12-month target price is reduced to $4.00/ p7 [; Y! `3 H, Z
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Open Range Energy (ONR : TSX : $1.18)
) t' c& X9 U' C. v5 WProvided operational update and F09 guidance
3 ?4 U B! K. ^$ j8 JHaywood Securities continues "sector outperform", 12-month target price is $3.250 n1 i: ?* E* X8 |) t4 Y" \' V( c
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Osisko Mining (OSK : TSX : $3.13)# [$ z% u4 T* B* p! r, Y* m; \
South Barnat resource around the corner/ `2 _' J9 q# _3 j
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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$ M+ C! s4 l. ePan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)& }# C X; l7 t" ?3 v* K7 i6 E* _
Provided operational update
6 f' T1 Z( J+ ?( y6 N/ j6 [- E6 v4 f8 ZBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00$ z/ n4 C& p5 }6 A* B% X2 q/ H
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)5 p3 p( n7 O5 {8 U
Provided operational update: Grande Prairie emerging as the key focus for F09& I5 s! P# d. h% K# U: j z
GMP Securities maintains "buy", 12-month target price is $12.00' K6 b) Q. ?5 J) O2 A5 n! o O1 S
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Rockwell Diamonds (RDI : TSX : $0.07)/ i6 I# ~9 a# T+ `0 H
Operations starting to turn the corner9 Y9 O& E+ x. M5 r5 O t3 p o- O, d& r
RBC Capital Markets maintains "outperform", no target price reported
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/ O$ j) h! n) H7 F X: oShaw Communications (SJR.B : TSX : $20.13)
; n1 x1 t# B- |& ?5 W5 HReleased Q1/09 results: in line, subscribers ahead
Q! t! V- X! D# q% ^Credit Suisse maintains "neutral", 12-month target price is $25.505 q& t. D S v, U9 {7 t! j( Q
GMP Securities continues "buy", 12-month target price is $26.507 I$ `) u4 N5 m: \7 n; o
; N9 \/ L: @, Z. n4 \Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)- m7 C3 p$ I! v# W7 }) L2 _
Held a sell-side lunch showcasing new U.S. team
1 ^+ t3 r$ T1 s9 uScotia Capital Markets maintains "sector perform", 12-month target price is $33.00* N y% i3 T6 V% f
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Trican Well Service (TCW : TSX : $6.93)
% ]% o, ?$ t9 y9 q6 Z m) FAwarded Russian contracts
& C- c+ X) f. T# z7 ~9 xBlackmont Capital maintains "hold", 12-month target price is reduced to $8.757 L8 W" I2 X* U5 D
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.005 V- ^; Q& ?: R/ S6 }' |
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00$ G% A( d8 K# D2 H
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Sino-Forest Corp. (TRE : TSX : $8.93)$ f: B: I% l- w, ]5 I; V) @/ C/ |
Chinese furniture exports rose in November f( N+ O3 ]0 r4 R# d0 |6 b
Dundee Capital Markets maintains "buy", 12-month target price is $23.500 |- z0 p. ^% d8 M3 U) t
- O3 A! A0 c9 O" i+ L$ ^UEX Corp. (UEX : TSX : $0.88)( }; l, ]3 O; p3 \! h+ `
Shea Creek's two largest deposits have become one
/ _+ R5 Y/ l7 i' F6 M/ z1 sDundee Capital Markets maintains "buy", 12-month target price is $2.75
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" Z4 B8 F3 Y1 U' f$ ^" sVero Energy (VRO : TSX : $4.72)
4 E+ n4 ~2 J, h, E5 Q8 ?Released Q4/08 results: horizontal focus to continue in F096 v1 \* `8 h3 L- n ]' E) N" ]
Dundee Capital Markets continues "buy", 12-month target price is $8.00
, h4 D( _6 S. Q: A: t# TGMP Securities continues "buy", 12-month target price is $7.50
@' U$ ^0 Y7 W$ NParadigm Capital continues "buy", 12-month target price is $12.00& ~* t3 p z, J
RBC Capital Markets maintains "outperform", 12-month target price is $8.50' m1 ~, y6 G9 Q) }
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Wi-Lan Inc (WIN : TSX : $1.75)
3 N* e' Z: F: }Hit homerun with Samsung3 Z' {: \# ]0 c& \8 P
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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