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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
# H; H! S0 y3 \ g0 rBracing for a tough few quarters7 H9 C! z5 m! S
Canaccord Capital maintains "hold", 12-month target price is $4.50# }' t3 y7 ]6 |# d
6 l; h& q3 w( x2 Z6 cBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
3 e, x. r2 Z) F/ O4 z* M4 L' C- gGrowth outlook, challenging pipeline and high cost structure make future unclear
$ s+ b! I! Y }# s* xBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
$ B( V# K9 U7 v$ p5 ]) lTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00* R) g* e0 n" ]7 ?9 s
% [* d0 t1 S0 sAstral Media (ACM.A : TSX : $22.98)3 e g; q: ]4 }; g$ E) ]
Released Q1/09 results: strong, in light of challenging operating environment# S7 p; R }, ]7 w% B/ P
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
0 x. s5 Z! h6 S5 e7 Z9 aDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
; f' j3 p0 `. X. q$ iGMP Securities maintains "buy", 12-month target price is reduced to $30.00, F% q3 m+ j; k- T
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
4 l7 }% C ?! t# p2 D5 mScotia Capital Markets continues "sector outperform", 12-month target price is $30.00. q4 M) l3 o4 w( S+ n2 u0 u
$ Q4 J1 u( P8 T, I, I+ g, D0 `Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)7 i' ]/ b6 Q; x1 \" B) {8 g/ Q, v' r7 h
Well positioned with gold production forecast to double this year and next0 n- X% H: e) L3 _2 d7 L2 C
Blackmont Capital continues "buy", 12-month target price is lowered to $83.000 o7 g9 d, L# b
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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" R6 U! N& f6 K0 F" V; ~ARC Energy Trust (AET.UN : TSX : $17.15)1 z0 h! n7 c1 b% r
Reduced distributions by 20%; capex also cut
9 S# e% M2 c% [! o) ]# YRBC Capital Markets continues "outperform", 12-month target price is $19.00
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, k3 G/ ]& b6 c7 a) H4 h HAndean Resources (AND : TSX : $0.75)5 J( n# ^% e1 I/ P0 K; H
Announced F09 outlook
/ H" g6 S' y- ~- Y5 h8 n* R3 C8 m) P9 qParadigm Capital continues "speculative buy", 12-month target price is $2.25
, X* k6 M9 x1 j" q# S e7 FTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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0 c, J# s {# LBombardier Inc. (BBD.B : TSX : $4.65)
9 B( r9 Y8 D0 _9 H: x0 H8 j5 TRising challenges in Aerospace
' e' U, r$ U. X3 A4 sGMP Securities continues "buy", 12-month target price is $8.00
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: H8 m% k% V& P5 u" _/ K3 O. m6 I& S, @Bank of Montreal (BMO : TSX : $31.84)0 D ^1 n$ R0 p4 x( i* K( y
Acquiring AIG's Canadian life insurance business
2 ]4 `# p& f" K" UTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
* j6 P1 R" U2 _% |: |Q1 review: Canada results encouraging, but Portugal remains a drag
1 R b( U( `/ yBMO Capital Markets maintains "outperform", 12-month target price is $46.00" [ b" ~4 w" W' d4 D
Desjardins Securities continues "top pick", 12-month target price is $40.00
, ~" {6 {: L/ j- s0 h4 Q: fRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
0 j" c* M" Z0 Z; KScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)4 A; M7 `) C0 y% z
Capital budget set to expected cash flow; production guidance lowered
+ _1 [) H2 G) ]5 BRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
" B8 w8 o2 R9 P0 p9 F: U: \; j+ a" U8 PStrong radio and cable drives 39% EPS growth0 Z5 x! R# D0 ^/ _6 g
Scotia Capital Markets continues "sector perform", 12-month target price is $45.001 f; ]' f# W3 ]; e. R
4 d( m+ J# ?/ i, l7 z. M. t9 cCanWest Global Communications (CGS : TSX : $0.51)9 q6 P# a2 `0 y6 L U, B: a/ T3 k! r
Taking action to address tough operating environment
7 @" ?6 f$ K, RBMO Capital Markets maintains "underperform", no target price reported
$ \/ V8 t" I+ f6 mCredit Suisse maintains "neutral", 12-month target price is $1.00
. M2 Z/ D! g! GGMP Securities continues "reduce", 12-month target price is $0.50* Z# i3 L. K0 H
RBC Capital Markets continues "underperform", 12-month target price is $0.756 {2 m9 P+ D' l4 L$ \( F
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)' h Z6 ?" o) s8 l* V+ L8 {
Q1 revenues in line, EPS beat7 }, ?1 ]' }4 A6 V$ r
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00/ Z8 I6 J$ a3 f, K+ Y$ R
Credit Suisse continues "outperform", 12-month target price is $20.000 ?+ {, m6 f# ?4 D" f
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
# K$ p' g( T5 ]+ FGMP Securities maintains "buy", 12-month target price is reduced to $17.00
7 e6 Z1 a# Z0 `0 T3 PRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50% k+ H4 t2 c7 Z5 h1 B7 h
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.003 V" `6 B; b, M! g
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Calloway REIT (CWT.UN : TSX : $11.84)
6 r! P. x. g8 N& D2 aHeld investor day
4 n5 d5 z9 T* j" I1 b5 F8 ~6 GScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
X6 {) @! d2 X9 L; m$ K Z' M0 I7 [, wReduced distributions by 38%; guided for lower capex. [& U( \3 z, q$ C# X7 s
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00/ f+ }; U% ?1 J0 [
Dundee Capital Markets continues "buy", 12-month target price is $12.00* I2 i+ Z3 p/ y/ i+ y
TD Newcrest continues "hold", 12-month target price is $7.50
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. g2 {1 m0 r# T! O& uEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
; A5 M" J% [7 P a; w! PSteady market and currency tailwind3 T$ v p9 N7 } P1 W4 h
TD Newcrest maintains "buy", 12-month target price is US$5.00" _3 U+ m) Z# a. L% C: [' Y1 N, p
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Goldcorp Inc. (G : TSX : $29.74)3 L* U; T# B C% A, w
Revised commodity forecasts& H8 Q9 J% j9 X7 e" w8 R
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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0 k3 p8 m( _% s9 \, b8 hHeritage Oil (HOC : TSX : $3.77)* i6 v. R2 s- L7 @) v- d3 h) j
Announced Ugandan commerciality on exploration success
1 y* `7 x4 d; E. nTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50' G; u; R! g1 d4 B5 \; m
7 h: N o, {" R; _6 Q, Y6 NHarry Winston Diamond (HW : TSX : $4.98)$ H& d" ?4 M% [+ U% }
Retail division suffers# R& d2 X2 W4 c' Y7 t6 w5 |; B# \
Desjardins Securities maintains "buy", 12-month target price is $12.603 \3 L5 h5 t; U4 Q) s. j
6 N% E0 ]7 m. b* y* TLaramide Resources (LAM : TSX : $1.84)
+ R! }+ k- o. E/ [( m# aWestmoreland provided more high grade at Redtree's Jack Lens
) ?. J4 O- i4 y3 T" B6 [9 FDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
% S+ S# H/ _- p# s! X6 YReleased Q3/09 results: very strong, focus should be on active backlog1 `, K, h7 z3 a$ j- Q# M9 Y
GMP Securities continues "buy", 12-month target price is $9.002 P& ?8 I; v) F1 H
Raymond 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)6 U, \2 I: o' b! d0 ]7 t
Reduced distributions by 70%# o7 H4 G8 [# T
RBC Capital Markets maintains "outperform", no target price reported0 Z' U8 d% o2 x' h& W
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)+ k" l4 R4 ^% V
Released Q1/09 results: a little light, but still respectable
% I3 }5 j" p ?" nBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
2 b2 }: v8 z& G( ZParadigm Capital maintains "buy", 12-month target price is $4.004 D- `3 i; z3 X6 i+ Y
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Mullen Group Income Fund (MTL.UN : TSX : $10.97), g8 ^. Q q: B; ^ L9 H K* P
Expecting lower CFPU on higher taxes' [; z1 b3 m# O! Z6 `
BMO Capital Markets continues "outperform", 12-month target price is $18.00
7 F% i7 T) f. t4 ^# t" f. NRBC Capital Markets continues "sector perform", 12-month target price is $12.00, V. ]' F, Y& k& |, k7 H% U9 ?
TD Newcrest continues "buy", 12-month target price is $17.00& K: U4 ^0 @# A, [8 s
0 j% O n) S {3 L0 e3 R# TNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
4 o; Y* |& ^- n: M# BReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain0 d. h' B+ w }, m& s5 i
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
# [ F+ u$ _' G" C# f4 C' o( o4 WCredit Suisse maintains "neutral", 12-month target price is US$1.00
" H9 ~+ {) ^; G- P6 g0 T" @$ Y& MScotia 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)
4 r. J! I/ ?! R' vDietary supplement business facing headwinds
& R' ?5 p* R0 g( cParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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6 c6 U: l" y9 O {) ^6 ?% R, WOpen Range Energy (ONR : TSX : $1.18)& N- g* N( D: @1 M0 w
Provided operational update and F09 guidance, R* ?3 f" e. Z; G' }% F; [# E
Haywood Securities continues "sector outperform", 12-month target price is $3.25 o4 n1 P0 M/ H4 \5 M5 ~
+ z3 M4 Z+ h* s3 }Osisko Mining (OSK : TSX : $3.13)
( }+ D+ f0 r' j( I! ZSouth Barnat resource around the corner) |0 ?/ h M! L9 Q: G( O
Paradigm Capital continues "speculative buy", 12-month target price is $4.753 M1 o; [- y7 T3 J
0 K, s5 O; O, [* e' \% kPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
4 @# {( ^4 F- M- Q" l. D, \3 TProvided operational update* w, U1 q2 {! t8 k7 X0 |8 E: T
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00* W3 L, W3 O- h
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50& n8 Z$ s I' `; X. n# X4 q
5 M4 U9 T q$ d' ~Paramount Resources (POU : TSX : $7.85)
. W5 q$ T$ B# N! [. p! |Provided operational update: Grande Prairie emerging as the key focus for F09' U* w/ M4 R; g/ t3 P* ?
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)% l; [' ] U# k, o1 [2 Y( d
Operations starting to turn the corner! z; l! K& P% B
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
. B9 \; Q' q1 w7 a1 ~% yReleased Q1/09 results: in line, subscribers ahead
) q, ?' R( h* Q) PCredit Suisse maintains "neutral", 12-month target price is $25.50
: d! ?+ C( _2 u) x8 ?GMP Securities continues "buy", 12-month target price is $26.50+ _8 J, j' F( W; O3 {. q0 L
3 X4 L) ]6 }$ w3 y$ ?+ w4 [Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)3 _" c9 q3 z2 F2 C
Held a sell-side lunch showcasing new U.S. team- i( ~' Y( s0 X4 B* o: r
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00/ n# Q. x; Q- Y$ x1 V
# l- P7 s" B) ETrican Well Service (TCW : TSX : $6.93)2 O R5 U" d" k" ]8 a
Awarded Russian contracts1 X) p1 e2 m ?. l2 ?% }. p
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75; D; l/ v" m, Q$ ~
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
; I5 y# W" X# J3 @# p# n" }. mRBC Capital Markets maintains "sector perform", 12-month target price is $10.00# [) b1 R$ C( S& J" W7 ~7 R
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Sino-Forest Corp. (TRE : TSX : $8.93)( v. f* _* p+ g: B3 Z! n
Chinese furniture exports rose in November3 v6 X8 d6 T7 C' a
Dundee Capital Markets maintains "buy", 12-month target price is $23.501 M( V/ f2 s1 E) D
" i4 Q! L& w) T3 o1 {9 y/ D$ UUEX Corp. (UEX : TSX : $0.88)
1 L# {. R+ O, M1 mShea Creek's two largest deposits have become one
; K& ?; x8 ]* G* ?$ D& [' U& NDundee Capital Markets maintains "buy", 12-month target price is $2.75
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- {6 O; q, C4 b+ N( @Vero Energy (VRO : TSX : $4.72)
. b6 y4 C% ~9 _Released Q4/08 results: horizontal focus to continue in F09+ J0 X) {$ ], Q* Q
Dundee Capital Markets continues "buy", 12-month target price is $8.00
8 g, A- x$ N: B7 PGMP Securities continues "buy", 12-month target price is $7.50
2 @5 j, h1 w8 W+ TParadigm Capital continues "buy", 12-month target price is $12.00# q3 F# G2 G! I6 T4 Z7 e
RBC Capital Markets maintains "outperform", 12-month target price is $8.506 j: t5 q% M4 {* I
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Wi-Lan Inc (WIN : TSX : $1.75)* |# _- X' Y; Q2 M( l
Hit homerun with Samsung
$ F9 l, P0 x" J! E/ X5 XParadigm Capital continues "buy", 12-month target price is $3.50 |
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