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Ear on the Street --- Jan. 16 2009+ Y6 D& J2 y3 h; U) X
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Absolute Software (ABT : TSX : $3.36)
8 I, y+ V/ K# }2 @" V/ R: @Bracing for a tough few quarters
" K$ p* K" l8 H! \2 }8 ^" KCanaccord Capital maintains "hold", 12-month target price is $4.50
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. q* w/ ^$ R( i+ q MBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
% b d8 o/ d7 W2 B3 h: TGrowth outlook, challenging pipeline and high cost structure make future unclear
$ y/ ^* k1 D# Y2 q n' ?; LBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
( Q% K0 ]& P2 G8 {) G. lTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00. V9 \" G" n: V! {6 @$ d% x+ y
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Astral Media (ACM.A : TSX : $22.98)
& U2 [% u! Z2 J8 S# K! d6 H7 w JReleased Q1/09 results: strong, in light of challenging operating environment
) _" D1 c0 S; |7 \. }# PBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00# g2 I- `' k1 ?% R
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
! i" I x/ k$ G, u7 fGMP Securities maintains "buy", 12-month target price is reduced to $30.00! R: P% u) v# j: O; b
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
# Y0 B& T; c8 y) J$ z+ r: }# Y0 LScotia Capital Markets continues "sector outperform", 12-month target price is $30.001 a, D6 \8 e( S6 t) V8 D
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)- H& A: f2 R. W3 D4 O3 b
Well positioned with gold production forecast to double this year and next( `: a5 L5 M% H- V% `. `
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00: G5 P( w4 w W9 r
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00; p. o: V7 H* ]% b: T
( N2 r3 J* k$ O5 Z5 g( n2 CARC Energy Trust (AET.UN : TSX : $17.15)) H N6 \; b# `- p/ J! Y" t3 e9 {
Reduced distributions by 20%; capex also cut
% c, z) P+ | @ l" r: c6 H4 yRBC Capital Markets continues "outperform", 12-month target price is $19.005 b: ~% \- t5 ]4 C+ Y. b
: [1 n* G$ F" C( GAndean Resources (AND : TSX : $0.75)1 n0 ^( F7 @9 }) X7 c9 ]5 V* |1 v
Announced F09 outlook
, P6 g1 o/ U O. x3 _Paradigm Capital continues "speculative buy", 12-month target price is $2.255 s1 ], f: F( H4 x' M6 y
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00. |% ?9 V$ H6 x! U4 Z; c5 p- ~
5 d6 B: P* A8 R. P* Q. QBombardier Inc. (BBD.B : TSX : $4.65)
6 u( r3 L' ?& Q& g, y5 D3 iRising challenges in Aerospace4 [( W' Q+ y9 x0 D
GMP Securities continues "buy", 12-month target price is $8.00, o4 J9 M1 o. y4 g& w0 Q/ U& G7 T
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Bank of Montreal (BMO : TSX : $31.84)' f, m: I9 J3 ]0 B
Acquiring AIG's Canadian life insurance business3 i3 v/ T- a, W8 V! N& H
TD Newcrest continues "hold", 12-month target price is $37.00
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# U* M5 f! ^: ICogeco Cable (CCA : TSX : $33.37)
4 q8 o. }- S% V( S @4 H: \0 l9 OQ1 review: Canada results encouraging, but Portugal remains a drag8 s0 W6 @# Q- c2 o
BMO Capital Markets maintains "outperform", 12-month target price is $46.00+ }2 T$ ~9 J0 |; K
Desjardins Securities continues "top pick", 12-month target price is $40.007 H# {) L9 V6 D. ?$ {( k2 Q) k( w* S
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.000 J# g) S- }9 T( p* Z
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)- p3 n# Z4 u5 a& T8 H+ p4 l
Capital budget set to expected cash flow; production guidance lowered
1 w! G ?5 W! H- d6 k( f9 ~2 \8 |RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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( P7 n# b- b0 {5 f) a% ZCOGECO Inc. (CGO : TSX : $25.14)4 G; e k$ _, K* ~
Strong radio and cable drives 39% EPS growth
4 {1 N- ?/ v* Y$ e d) ^Scotia Capital Markets continues "sector perform", 12-month target price is $45.007 C5 Q+ r. n. i
* K) r! A u9 P" r* }5 r0 TCanWest Global Communications (CGS : TSX : $0.51)
! T; J5 z" {2 D1 r. R, x4 |! m4 t6 O- ~Taking action to address tough operating environment+ H- p/ T. G, _9 p
BMO Capital Markets maintains "underperform", no target price reported
* {; `0 A% L9 W3 YCredit Suisse maintains "neutral", 12-month target price is $1.00$ H+ r k( [( M6 B: W
GMP Securities continues "reduce", 12-month target price is $0.50
0 ]0 ~( H8 i, f4 m ]RBC Capital Markets continues "underperform", 12-month target price is $0.753 e5 X9 J* u' J
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
' F7 g4 k: X0 u8 Y# ^Q1 revenues in line, EPS beat
$ G$ I: D* S! Z8 Y) Q0 {BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
4 x5 _5 S4 k: I% S4 s8 X9 BCredit Suisse continues "outperform", 12-month target price is $20.00
4 D1 f4 E" o8 a; i- a, }; k6 x NDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
# G5 L1 T$ Z' |+ mGMP Securities maintains "buy", 12-month target price is reduced to $17.00
/ z7 s- R9 g5 b+ DRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
# U4 B8 q! U" J! e" R7 xScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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7 H0 i8 D% N) K M" D& T" y0 A) R1 BCalloway REIT (CWT.UN : TSX : $11.84)
& L2 H# H6 F( t# \" R) L3 jHeld investor day+ ]& O0 _) L4 T$ P8 M% l
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00% `. [9 s8 I9 H) P* M! l6 [
8 n* M+ g$ D: h( m) O* fDaylight Resources Trust (DAY.UN : TSX : $7.77)
, O# ?+ }/ p* d! B1 M- @. tReduced distributions by 38%; guided for lower capex
4 l/ ^& V9 z H$ b$ x* ^- {/ g, O6 {BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00% v/ ~3 n: h+ E
Dundee Capital Markets continues "buy", 12-month target price is $12.003 f3 T0 g3 @3 Z5 E' a! D
TD Newcrest continues "hold", 12-month target price is $7.50% ~+ o+ m Z q4 i
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)& F% B7 b9 N! L- W8 N
Steady market and currency tailwind
; J6 q0 T( c/ n5 K$ NTD Newcrest maintains "buy", 12-month target price is US$5.00
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+ I ]5 H9 Z7 K, K+ j k7 GGoldcorp Inc. (G : TSX : $29.74)
, l2 f1 w& e5 M; w4 e; \* Y& CRevised commodity forecasts2 [7 g8 E9 D/ x% I# @
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00$ o& J8 L! Q- @! G# e; n
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Heritage Oil (HOC : TSX : $3.77)- U1 l: l2 W V+ o
Announced Ugandan commerciality on exploration success/ v) G8 Q' b3 k/ o$ g& i2 A6 d
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.508 W0 V- H# N$ Y) Q2 m5 ]; s
q/ R) f9 K. M5 V2 WHarry Winston Diamond (HW : TSX : $4.98)8 W: N/ w2 A! S8 Z- \5 J! ~6 {
Retail division suffers$ l" Z- L& P% _# @1 s( s* P
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
# K+ q' k8 \7 ~0 w C& u& K+ JWestmoreland provided more high grade at Redtree's Jack Lens
! G! S0 u: }4 [6 {Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00); D* `5 |' s7 q [& E- H, G7 n
Released Q3/09 results: very strong, focus should be on active backlog9 z. g' r/ a7 Q9 a+ p1 k! w
GMP Securities continues "buy", 12-month target price is $9.00
) @( i( j# N$ v7 d QRaymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)8 g! f' r1 z- Y
Reduced distributions by 70%4 X6 I A8 o6 z& P5 g) V3 j
RBC Capital Markets maintains "outperform", no target price reported; W9 D$ N \- a! K
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50! {& g; H: \* k0 ?( D0 q$ D
3 v$ a: @5 l# r; n" BMatrikon Inc. (MTK : TSX : $2.04)
* h/ v& A' I# s1 MReleased Q1/09 results: a little light, but still respectable
1 Z- z5 X9 P0 F% |$ ^' h8 M! v1 {5 qBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.507 d% U& [3 G; N9 p1 Z" ~1 E
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
3 N; G& N. d: ?4 H+ p, BExpecting lower CFPU on higher taxes
0 a& d! M' q- q& V. Q7 v& k6 h9 YBMO Capital Markets continues "outperform", 12-month target price is $18.00$ Z1 S& c; ^( K7 n( d" R
RBC Capital Markets continues "sector perform", 12-month target price is $12.00$ q) D! \9 b1 b9 Z" B
TD Newcrest continues "buy", 12-month target price is $17.00
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0 `* b( P. ^+ q: j6 h/ k: @# _7 l- {Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)& x" `0 L, }" p& p) G
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
n- k6 n& `. xBlackmont Capital continues "hold", 12-month target price is reduced to $1.25) P0 g+ z' y# E/ T% t6 B4 ?. j
Credit Suisse maintains "neutral", 12-month target price is US$1.00* [1 u, a: D( e
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); j/ g. B1 D1 w/ P
Dietary supplement business facing headwinds
9 Y2 q. O+ q! r; w+ h2 aParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
`5 I. J" X9 D, BProvided operational update and F09 guidance
, {" G }* F4 q& }6 v; [Haywood Securities continues "sector outperform", 12-month target price is $3.253 h9 L& |, s% p& w# V& C
2 ]) _6 z d5 A qOsisko Mining (OSK : TSX : $3.13)
+ ]: F. c3 G' F- I9 L/ {5 ISouth Barnat resource around the corner
3 k! K0 l$ }/ J. z) GParadigm Capital continues "speculative buy", 12-month target price is $4.75$ b6 l/ q j/ ]6 s
1 ~# F& K, A b8 Q4 r( KPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)3 E9 f! W: O# |2 O" V. `% O* L! P
Provided operational update
- L# |( x) l( u$ w! A* B* O* NBlackmont Capital maintains "hold", 12-month target price is lowered to $19.007 ~4 v6 h, m; F3 f. Y( ]! w
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.500 b% G& \$ a6 j: `4 W0 W
; y4 Z1 \; \3 B% Q, _! YParamount Resources (POU : TSX : $7.85)* y* u& H( L i6 w9 _# z- c
Provided operational update: Grande Prairie emerging as the key focus for F09" x( g% @' T. ? ]; d9 c
GMP Securities maintains "buy", 12-month target price is $12.00
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8 R( d8 r/ j' v) X# \( a" @- W- vRockwell Diamonds (RDI : TSX : $0.07)4 J+ {1 U+ a6 v. Y' Q. ]* ~
Operations starting to turn the corner: T& K& U; w1 E6 k% R* `
RBC Capital Markets maintains "outperform", no target price reported( P' m. b/ j2 ^) L& T$ |& m. O2 a
0 B6 c0 X6 G) n. {7 L; ^Shaw Communications (SJR.B : TSX : $20.13)) w( _! S" a2 j1 e& a
Released Q1/09 results: in line, subscribers ahead
/ R# k7 [2 b) }" o" Z" RCredit Suisse maintains "neutral", 12-month target price is $25.507 ~6 u. n, o* m0 U
GMP Securities continues "buy", 12-month target price is $26.50
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" n n+ W7 x5 k+ U, [ I0 m6 j2 [Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)8 p8 T2 y* T2 E7 a
Held a sell-side lunch showcasing new U.S. team) }/ R* p! q% M" s3 N
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)3 [$ M3 _3 Y! F3 v' r9 c* s
Awarded Russian contracts. K/ [( W A$ k$ B0 U
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.757 `8 v+ ^# Q! ]4 n
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00. }9 U1 Z# k; d5 }8 L
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
/ B- v* M- n6 X2 c0 A- KChinese furniture exports rose in November
- I: W& y* W: O) _& t n; X$ fDundee Capital Markets maintains "buy", 12-month target price is $23.50! y K2 V+ ^) Q
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UEX Corp. (UEX : TSX : $0.88)
; a: D2 s, S) N# J& p# G# PShea Creek's two largest deposits have become one
1 W U) k4 n& B: E/ ADundee Capital Markets maintains "buy", 12-month target price is $2.750 A x. B+ A+ N! L9 F6 z
' N0 J A' w7 n5 q. B3 {, j/ tVero Energy (VRO : TSX : $4.72)6 X! j3 F3 K& z7 g7 u4 b( l
Released Q4/08 results: horizontal focus to continue in F09
1 w' j' D: t5 n2 i) ]4 FDundee Capital Markets continues "buy", 12-month target price is $8.00
% W ]3 V4 |' A" M" mGMP Securities continues "buy", 12-month target price is $7.50$ H# M$ s" d& j* {5 V' _. X
Paradigm Capital continues "buy", 12-month target price is $12.003 e% G6 Z8 r9 G
RBC Capital Markets maintains "outperform", 12-month target price is $8.50' P3 O. c; e- _: R" h5 r
# u* I$ S8 O1 A" a. `Wi-Lan Inc (WIN : TSX : $1.75), `0 F* C% \2 o9 Q& r; T9 M5 W, S
Hit homerun with Samsung9 [$ W$ |1 F! ~8 W2 c" x% H
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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