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Ear on the Street --- Jan. 16 2009
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5 ~* V- j' V3 @6 {, JAbsolute Software (ABT : TSX : $3.36)% d( K& r n4 f8 F
Bracing for a tough few quarters
/ X4 u. D! i2 v& `" y- \' a$ N7 hCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)- L( X2 ~8 t: @& h
Growth outlook, challenging pipeline and high cost structure make future unclear& G& D7 }* \/ r& V/ V& r' q/ j
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
# W7 v3 V" ]& L1 OTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.007 V3 E( h, r: f; l! k% T/ x
$ p8 y; C3 ^3 t4 C1 S( t( IAstral Media (ACM.A : TSX : $22.98)
2 e: e K |' nReleased Q1/09 results: strong, in light of challenging operating environment Y" }: P( [5 A$ {- ]
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.007 q' t \( Z/ Q
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00* d: q3 R R& o8 x7 g' e4 u7 o$ }
GMP Securities maintains "buy", 12-month target price is reduced to $30.00: X* X# V1 A: d8 j
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
/ ^6 i( \0 C; E3 B% r* tScotia Capital Markets continues "sector outperform", 12-month target price is $30.00$ Y. s0 W+ A2 A; |2 Y: k
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
; [2 F( j: {2 G+ l, g2 F; IWell positioned with gold production forecast to double this year and next! r9 z* f& i' _1 T+ c
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00$ W2 E% z2 y3 b4 T7 C% A* i U
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00% j, p7 Y' u4 h
$ `" n: ?' C8 A6 `" x6 uARC Energy Trust (AET.UN : TSX : $17.15)
. [8 e7 e( ^( e2 N2 e. U. OReduced distributions by 20%; capex also cut
h& O, _6 p) ^' O7 j+ bRBC Capital Markets continues "outperform", 12-month target price is $19.00
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: r6 Z. V9 Q5 X5 y! N# YAndean Resources (AND : TSX : $0.75)
/ _) g, ]6 L; IAnnounced F09 outlook
0 F- B( f/ ]6 \" ?Paradigm Capital continues "speculative buy", 12-month target price is $2.25
% I9 Y6 [/ ]/ Q7 ~5 ], N3 fTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00) s( j p- f( v. ~+ }$ K
7 o( |5 u, s( W" {4 C3 Y& q- M( ?Bombardier Inc. (BBD.B : TSX : $4.65)' e4 h7 F& _. x2 B8 K( W* p
Rising challenges in Aerospace
/ W/ F2 u/ q" f* @GMP Securities continues "buy", 12-month target price is $8.00
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# j/ d6 l7 H* o0 h lBank of Montreal (BMO : TSX : $31.84)
: e+ n( _8 o5 YAcquiring AIG's Canadian life insurance business; u' L4 U2 ~) @1 E
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)% C( O6 V- Z6 W) C0 H: k% R
Q1 review: Canada results encouraging, but Portugal remains a drag, _# s0 q/ z. D* {3 L0 O& T8 M& V
BMO Capital Markets maintains "outperform", 12-month target price is $46.006 ]% @; J! c y u2 s! B" h! F
Desjardins Securities continues "top pick", 12-month target price is $40.009 W& k; \& N& O$ M/ z; l
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
& E% o( U" K8 G% QScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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! D9 e4 u" F, G& YCorridor Resources (CDH : TSX : $2.45)2 d) M3 A6 J; Z) z' ], q
Capital budget set to expected cash flow; production guidance lowered# e$ Z& }: Z4 |5 X
RBC Capital Markets maintains "outperform", 12-month target price is $4.259 F* u5 B$ ?6 O7 D
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COGECO Inc. (CGO : TSX : $25.14), [/ ~2 J: G' n0 S' J, k
Strong radio and cable drives 39% EPS growth
9 L+ `4 l( X5 ~* C& Z3 h) }& RScotia Capital Markets continues "sector perform", 12-month target price is $45.00. A$ t: e* Q- \1 M; X% D
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CanWest Global Communications (CGS : TSX : $0.51)) Z1 d: y+ L: |& J6 P
Taking action to address tough operating environment
: L' [% u( Q3 [: k8 WBMO Capital Markets maintains "underperform", no target price reported
, G" J/ M3 h! s5 i5 GCredit Suisse maintains "neutral", 12-month target price is $1.00
& L" X' N7 D" G& _$ c/ j. ]GMP Securities continues "reduce", 12-month target price is $0.50$ d8 `. l$ |9 K$ {6 d
RBC Capital Markets continues "underperform", 12-month target price is $0.75
* A2 i2 K: F+ G8 E) W% NScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)0 c! P' F" j8 ^. v% U
Q1 revenues in line, EPS beat
, M- F5 d" _* w1 U+ SBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
$ w. Z- ^5 r/ w- nCredit Suisse continues "outperform", 12-month target price is $20.00
1 |; v, a' c3 K; P, i, O s, o" n* dDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00- _2 X8 X4 E3 \* i' m- V4 |. N
GMP Securities maintains "buy", 12-month target price is reduced to $17.00; {% F \7 B2 \: M3 M
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.509 b# x+ u. i: f; e6 v) X+ m
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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: N4 _, O$ e8 R7 s. QCalloway REIT (CWT.UN : TSX : $11.84)! z) l4 z2 h, [( Y+ C
Held investor day
1 n7 L$ N9 O$ S+ ], }( G6 G( FScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00) H- c& n5 S7 W/ @$ s# w( f# F
! y9 i2 P6 A7 i4 JDaylight Resources Trust (DAY.UN : TSX : $7.77)+ J8 T1 r% h1 J6 J) x4 a3 x; |9 A) L
Reduced distributions by 38%; guided for lower capex
+ O4 _: u6 x! `/ k# J7 A( ]! t: tBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.000 A i1 i) L/ J0 X( Q
Dundee Capital Markets continues "buy", 12-month target price is $12.00
3 h. z1 U8 a+ ?TD Newcrest continues "hold", 12-month target price is $7.50* R) ?& h, a& y
8 [* V5 {, q) _1 c$ W! L2 iEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
4 u# c' q& b# O; B+ I0 \' ^Steady market and currency tailwind- M) c% c% u2 j. t, Y4 b+ U
TD Newcrest maintains "buy", 12-month target price is US$5.00
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9 E" w0 r; \$ T# ?5 vGoldcorp Inc. (G : TSX : $29.74)5 v+ Q+ Q3 Y. ]8 p
Revised commodity forecasts
$ _7 w4 V6 r: U3 t6 F1 R) U9 XBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
$ L+ M' s/ `4 |! c! d% T8 ^Announced Ugandan commerciality on exploration success
6 q2 p, A1 \! i9 V% [2 XTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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+ c- J" y( X% j# \& D2 kHarry Winston Diamond (HW : TSX : $4.98)
r+ u7 p+ Y1 N% | u% xRetail division suffers
6 Q+ x1 _4 m* z% R- g2 ^' Z1 ]5 g* wDesjardins Securities maintains "buy", 12-month target price is $12.601 {' P& f, X7 ^5 O* \
& f6 E% J* E0 w0 C9 h; f* `Laramide Resources (LAM : TSX : $1.84)' O0 s9 S. B9 j$ P
Westmoreland provided more high grade at Redtree's Jack Lens" x7 O- w+ |2 s, C
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
, L4 p# i: Q/ e3 F* k: h) g/ {Released Q3/09 results: very strong, focus should be on active backlog
- I5 E9 f+ I3 z L. [GMP Securities continues "buy", 12-month target price is $9.00
+ d; p3 R6 e: j+ M3 O4 h+ TRaymond James maintains "market perform", 6-12 month target price is $8.25! P* q" l1 ]9 e. G
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)( G9 t6 F- R2 K" \' R7 X
Reduced distributions by 70%6 Q+ O, s( k, p, y7 p4 g
RBC Capital Markets maintains "outperform", no target price reported
. y2 e7 b# v" AScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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. h9 p* X- p" s5 k; B- o. {4 mMatrikon Inc. (MTK : TSX : $2.04)3 a5 s" y% a: y
Released Q1/09 results: a little light, but still respectable, |* S% y* S: B9 X3 t# D- R
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.501 _+ z# f2 e' E/ j. I+ @
Paradigm Capital maintains "buy", 12-month target price is $4.000 N5 D# D% x/ N0 u
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
P; S% q/ e3 FExpecting lower CFPU on higher taxes3 q4 Q' g* E) x5 ]
BMO Capital Markets continues "outperform", 12-month target price is $18.00
; g- Q* T0 N, P4 s( D* ~4 ]RBC Capital Markets continues "sector perform", 12-month target price is $12.00
8 D7 l( E. M: [8 g, |6 O5 LTD Newcrest continues "buy", 12-month target price is $17.00: G/ h9 x! x' {* v) Q
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)4 A7 }* p# t m$ |# W
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
1 ~) I( o# z8 {: kBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
- x* z4 ]; F% k3 x2 Z! _/ \4 [& n0 nCredit Suisse maintains "neutral", 12-month target price is US$1.00
; d+ a& R* o0 s4 R3 M4 TScotia Capital Markets continues "sector underperform", 12-month target price is US$0.807 R- @, j( X3 `# X' y
1 y( F- |9 i4 g5 @* R# l4 M. SNeptune Tech & Bioresources (NTB : TSX-V : $0.79); B* ?2 ?: |! |( D- @
Dietary supplement business facing headwinds9 j1 U% a% l, s. t/ s
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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% I( w- h! S2 tOpen Range Energy (ONR : TSX : $1.18)7 w9 h! j% B. B/ r+ X
Provided operational update and F09 guidance$ Y/ M# e' Z) z S( t
Haywood Securities continues "sector outperform", 12-month target price is $3.254 y* ~) T* y0 L) j: C
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Osisko Mining (OSK : TSX : $3.13)" T6 S9 ^0 X' d7 @; x* U* p1 ~
South Barnat resource around the corner9 \ c' i4 P6 x2 c
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
, f4 Z9 a( v v: j! ~! U8 VProvided operational update' B, i- L$ p( z* a
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.009 [; J: [; E, j1 a0 F9 p1 j
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50' U7 O1 V" f% m, ]) A) y6 T" a
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Paramount Resources (POU : TSX : $7.85)
( h2 j8 u: L* ?& l, XProvided operational update: Grande Prairie emerging as the key focus for F09
2 ]: I2 n. C; z3 }4 F, @' G+ sGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
) B+ p2 c! V+ SOperations starting to turn the corner4 `7 Q. Z# }! _* x
RBC Capital Markets maintains "outperform", no target price reported
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@) }1 T- M8 T" U# {9 ?1 d+ c* ~Shaw Communications (SJR.B : TSX : $20.13)
" B5 q" |) W, ~, h0 v4 j' gReleased Q1/09 results: in line, subscribers ahead
+ Y v" f1 ~) y& ECredit Suisse maintains "neutral", 12-month target price is $25.50
, d3 p7 D" m1 J% K* d* k- I6 w4 sGMP Securities continues "buy", 12-month target price is $26.50
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. W- v+ O. U& C1 N. z) ]Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
7 {! g; Z5 @+ M: ?3 Q- BHeld a sell-side lunch showcasing new U.S. team
2 o3 J* X G3 K( c9 [6 }3 p4 K3 A& VScotia Capital Markets maintains "sector perform", 12-month target price is $33.003 r5 g2 ^( T/ D
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Trican Well Service (TCW : TSX : $6.93)
% P; v$ u4 g% N F/ o# zAwarded Russian contracts+ q) H# K+ g0 W8 x: t5 Z
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
" X" V7 {6 l& q7 H6 TRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
# P9 ~* Y/ v( X7 R4 ]RBC Capital Markets maintains "sector perform", 12-month target price is $10.00% U3 ^, z/ D' a4 `4 a4 S7 n: c
& |2 R% |1 t l3 N1 XSino-Forest Corp. (TRE : TSX : $8.93)
; q: Y4 J/ _' G" rChinese furniture exports rose in November
7 K8 l- c, O2 ~3 R, f; uDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
; `6 A- T S7 z/ A( WShea Creek's two largest deposits have become one9 K2 ~1 t R' ~1 _; S0 }8 }
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
% U% d' s- Q, f6 R/ _3 H1 [Released Q4/08 results: horizontal focus to continue in F09" ]9 U' M# x, d$ p7 `5 C* G8 C
Dundee Capital Markets continues "buy", 12-month target price is $8.006 Q4 i$ b6 y0 v7 P' k& w2 L
GMP Securities continues "buy", 12-month target price is $7.50
& e7 Q8 X) L- w+ ]7 YParadigm Capital continues "buy", 12-month target price is $12.00# ]8 y; P) O3 F. o
RBC Capital Markets maintains "outperform", 12-month target price is $8.50& m# i! L; ?: H: [3 I8 Y/ A
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Wi-Lan Inc (WIN : TSX : $1.75)* A( s8 q: q. {" X4 y
Hit homerun with Samsung
( J3 u% X8 i! B* A7 V: E+ I( zParadigm Capital continues "buy", 12-month target price is $3.50 |
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