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Ear on the Street --- Jan. 16 2009
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+ i S( X( Z7 K% |+ [Absolute Software (ABT : TSX : $3.36)
1 |5 P: a3 l4 g+ EBracing for a tough few quarters
. `0 B m: r3 \, C1 G2 xCanaccord Capital maintains "hold", 12-month target price is $4.508 V( [5 L9 L! U" n' ?, E+ T
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)9 D& K) ?' J7 U6 A; n
Growth outlook, challenging pipeline and high cost structure make future unclear
# h% e$ d2 H, j5 y* |+ @Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
9 s5 E0 g& N, @/ r7 a/ _TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00 \5 [1 u ]% M! f" |& Z
4 k! s6 O$ z, _Astral Media (ACM.A : TSX : $22.98)/ ~2 ^* x$ Y9 M% h- A- H G
Released Q1/09 results: strong, in light of challenging operating environment
7 W( a& ^5 O% @4 e2 {) @# kBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
+ g: s/ Q/ E9 GDesjardins Securities maintains "buy", 12-month target price is slashed to $28.009 ?: y# v: V# U7 H: P) i- A
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
' A: P' `9 i) K0 oRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
. G3 `; e8 Z9 j" SScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)7 |$ N, L( I& f, ?4 V
Well positioned with gold production forecast to double this year and next
; p: {, [& u% e1 w2 aBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
) x5 }2 w5 t' q$ u ]5 k. c2 KTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00) g8 e# f6 Q2 E) F3 P& u
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ARC Energy Trust (AET.UN : TSX : $17.15)
3 T: h" E2 ]7 Q5 Y" Y5 L6 X( VReduced distributions by 20%; capex also cut% }7 X0 P4 z! J. x, d
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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8 I" [1 P: {) RAndean Resources (AND : TSX : $0.75), J6 N7 E' A1 o1 Z) L. c( d
Announced F09 outlook
+ t# \1 F V: {Paradigm Capital continues "speculative buy", 12-month target price is $2.25& X5 @8 Q7 B0 i- N
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
# h5 b1 s+ O2 ?9 a( }0 @. c+ ~Rising challenges in Aerospace
9 D* ?) v# o* o& c2 j! YGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)1 E9 c/ ~% Q, s+ Q6 X
Acquiring AIG's Canadian life insurance business
V& g, g$ x% Y) @8 s, t% S1 CTD Newcrest continues "hold", 12-month target price is $37.00# |" e9 @' F9 a' S) W6 R7 H! ?
* M5 f: q# e+ @8 A& t! n3 m) p/ ACogeco Cable (CCA : TSX : $33.37)9 j. U* E$ @- m& D, A8 Y
Q1 review: Canada results encouraging, but Portugal remains a drag1 h' f7 _$ D: {5 P
BMO Capital Markets maintains "outperform", 12-month target price is $46.00 C; E- v# g' ~: m! v
Desjardins Securities continues "top pick", 12-month target price is $40.00( H7 {( u& [2 G% n9 ?, b5 {
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
! f3 m! f' N% u2 k* c2 GScotia Capital Markets continues "sector outperform", 12-month target price is $55.000 g u; L, y3 ^8 Q1 q7 `$ Z3 n" Q
% N" }; k; G* M$ C( F! lCorridor Resources (CDH : TSX : $2.45)
' R- ~2 J$ L% A! T W8 ^) ZCapital budget set to expected cash flow; production guidance lowered
9 c4 u5 P" Z! n" |RBC Capital Markets maintains "outperform", 12-month target price is $4.25" |2 u+ U& ^4 Q8 F4 r
& s* q+ W" G# r% {0 Y' C+ m, ]: KCOGECO Inc. (CGO : TSX : $25.14)+ L* a* a" G4 b x8 K& E& {# N
Strong radio and cable drives 39% EPS growth# y2 D- p8 O( m/ v- C
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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+ e( c+ K5 E+ ?" |, J0 oCanWest Global Communications (CGS : TSX : $0.51)
0 H8 n: g, g$ {5 ITaking action to address tough operating environment
# y$ O8 L5 `+ c/ i5 E2 L/ O" ?* HBMO Capital Markets maintains "underperform", no target price reported
" n3 ~0 o1 a6 B: ~8 F5 \Credit Suisse maintains "neutral", 12-month target price is $1.00
% ~ q: ?, A7 C6 C! S% t7 _GMP Securities continues "reduce", 12-month target price is $0.50' P; X9 A2 L* n9 ? W
RBC Capital Markets continues "underperform", 12-month target price is $0.75
1 m- ^- Z. k# _ w: JScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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6 z, i' p- d' H# gCorus Entertainment (CJR.B : TSX : $12.47)2 V* K8 v( |8 J1 t
Q1 revenues in line, EPS beat
3 o3 n3 J. K( \BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
+ h" [" f% ]3 u- X5 {$ A5 @Credit Suisse continues "outperform", 12-month target price is $20.00
, h: u7 C: q% Q* }! KDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00: p. s$ }- O. d4 n2 ]
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
! x7 z( R% c% M: mRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
- v8 q$ Y. C `% k& Y: l( L, kScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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* F, Z8 p# K3 x$ XCalloway REIT (CWT.UN : TSX : $11.84)4 s: P( z) F# `2 S! J7 E# [
Held investor day! D( a. W) P4 |& c8 B! @
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
1 c5 F: i( L+ zReduced distributions by 38%; guided for lower capex" K1 y1 ?8 E, z# j: n q
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
" R- A% M* z" D2 a8 q$ qDundee Capital Markets continues "buy", 12-month target price is $12.00 I7 P1 M5 r2 b& f; r9 d
TD Newcrest continues "hold", 12-month target price is $7.50
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9 J9 f0 `, t$ u' I' `/ BEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
$ Q& d! W) x4 a9 q' D, BSteady market and currency tailwind
' O- c" C4 B | T7 oTD Newcrest maintains "buy", 12-month target price is US$5.008 B% I9 P3 w# z5 X3 Y
! ^' f) F8 `/ H$ W0 H" E6 ZGoldcorp Inc. (G : TSX : $29.74)+ ~' b" w' [* u: J
Revised commodity forecasts
! y' c; F( u3 X1 O* gBlackmont Capital maintains "buy", 12-month target price is reduced to $49.009 W4 K6 T3 {. X) C2 i
& ` f5 f# E! _! J* vHeritage Oil (HOC : TSX : $3.77)9 e" Y; M; o, _
Announced Ugandan commerciality on exploration success8 X' n) N7 X/ c* Q5 y
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
3 v. y, A9 m$ Z5 bRetail division suffers
2 F+ B* J( j6 o4 I2 aDesjardins Securities maintains "buy", 12-month target price is $12.60: X$ i* q' T) `0 t8 Q
: E* ]2 a0 ?8 g; JLaramide Resources (LAM : TSX : $1.84)
( ?7 b) Q7 d$ eWestmoreland provided more high grade at Redtree's Jack Lens
L* B9 I" @0 vDundee Capital Markets continues "buy", 12-month target price is $2.30) L2 r' P3 O* K2 A2 ^
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Lockerbie & Hole (LH : TSX : $6.00)
8 ^8 f4 U3 k. E _; z. iReleased Q3/09 results: very strong, focus should be on active backlog A+ \+ A7 `" [4 J) Y
GMP Securities continues "buy", 12-month target price is $9.00
% x' s) @/ u& Q- C6 MRaymond 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); |, f# S* s: S+ {" T) S: m) ^
Reduced distributions by 70%
; x! i; ?# n5 Z) f/ VRBC Capital Markets maintains "outperform", no target price reported7 t% x, b2 b" ^' Z! S
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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2 u9 M" h- T& e' WMatrikon Inc. (MTK : TSX : $2.04)8 s% H: e0 W9 y) m
Released Q1/09 results: a little light, but still respectable
% Q8 X- M- s5 N) G/ M5 ^BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.506 n1 H8 b: `; f1 Q, Z% x- i
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 F% w) o6 { L+ E1 q3 nExpecting lower CFPU on higher taxes
- p7 l. U2 l/ \9 ~. oBMO Capital Markets continues "outperform", 12-month target price is $18.00
+ l+ P6 t& t' zRBC Capital Markets continues "sector perform", 12-month target price is $12.00
5 Q/ w3 B1 g2 [- _ G, W% r! GTD Newcrest continues "buy", 12-month target price is $17.00
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9 h% @& _3 L2 f$ C- E0 Q! `+ K2 aNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)- O ?% p; b( T5 z' l
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain5 U g. t4 q. R4 h: U; _/ V6 @" q
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
# P) n9 U: L+ n, SCredit Suisse maintains "neutral", 12-month target price is US$1.00
R0 C5 n6 a" B, z: BScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80+ m( d) n* ~: {: I* k: k
2 T. f1 Z. S" l4 c. l) FNeptune Tech & Bioresources (NTB : TSX-V : $0.79)$ g& ]: M* O1 E) w# f) a& j0 }7 s; Z" @' W
Dietary supplement business facing headwinds% t$ V2 U; O, t3 H
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
& C& e5 Q) M/ A' J eProvided operational update and F09 guidance! U) A5 {0 t q% G, K6 C& p" ?* m, w# R
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
- x. [8 w* l' L: wSouth Barnat resource around the corner/ e1 N! F/ H1 \3 M! Q5 ]+ ]! R) J
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$13.75)
9 ~% G. e5 ]; `# o5 r$ e; g; ^4 O0 DProvided operational update% z2 C' X9 \% e! S; Y9 ?) v
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00# ?& p1 O1 ?0 B+ W4 t, R
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)
" W6 u5 r N4 }8 j& K/ h. ^Provided operational update: Grande Prairie emerging as the key focus for F09
5 N* H1 |9 L# X6 _% t7 M2 V% i! AGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
) S8 @# y* B6 R( Z1 xOperations starting to turn the corner
: w. G& x; k3 b9 l$ x: A, PRBC Capital Markets maintains "outperform", no target price reported/ S' I% S- S0 ?
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Shaw Communications (SJR.B : TSX : $20.13), |! p u2 v% o r) G* d, h
Released Q1/09 results: in line, subscribers ahead( X f: t; _1 h
Credit Suisse maintains "neutral", 12-month target price is $25.50
- k9 l7 D: y1 R3 q6 T+ N9 o% W lGMP Securities continues "buy", 12-month target price is $26.50
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. Q$ Y2 K* Z9 x' L G e3 v; L8 [Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)9 `; s# T6 @ x2 x) n. T! ?: I1 w" Q
Held a sell-side lunch showcasing new U.S. team. b" B: l0 x. D! i
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00# N w" E; l! e
9 `5 w+ m6 X+ T% qTrican Well Service (TCW : TSX : $6.93) k x2 @+ ]6 Z( T3 A' n* R; `
Awarded Russian contracts% X. @0 S. |2 O/ `
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75# s+ D# b# d0 y9 t
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00- M# w3 a$ W9 _
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
. e( b% H9 o$ @ y0 wChinese furniture exports rose in November5 W! Z; k& }8 v! P8 @' z
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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- T3 a3 A. ~4 w# r) fUEX Corp. (UEX : TSX : $0.88)
) J6 e# @* p0 e& z* d' sShea Creek's two largest deposits have become one
, H( q! S' x$ IDundee Capital Markets maintains "buy", 12-month target price is $2.75
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. Z$ ^: c: Q: nVero Energy (VRO : TSX : $4.72)$ I; E& b- S6 _: q2 ~' K
Released Q4/08 results: horizontal focus to continue in F09
q$ f5 I3 G) ~7 {# {1 y, bDundee Capital Markets continues "buy", 12-month target price is $8.00
y# L4 f- A, a% a: _, [& m9 }GMP Securities continues "buy", 12-month target price is $7.50
3 e8 O8 x8 N0 x& ^- Q$ DParadigm Capital continues "buy", 12-month target price is $12.00; _1 p/ ~0 M' D; o- v
RBC Capital Markets maintains "outperform", 12-month target price is $8.50: |1 E4 K1 v; m3 [0 _3 A
3 l `# y I9 CWi-Lan Inc (WIN : TSX : $1.75)
0 A6 n9 C% t4 w; ?6 ?Hit homerun with Samsung% ^. W6 ^+ j. W* k. h
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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