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Ear on the Street --- Jan. 16 2009
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! a& Q8 G P" E1 yAbsolute Software (ABT : TSX : $3.36)
6 U. I* h( z. a9 A! N+ B. cBracing for a tough few quarters
$ S7 E& t' K6 h' w1 VCanaccord Capital maintains "hold", 12-month target price is $4.504 T3 N5 c) i) Z: V$ e. e
. }1 M7 r+ N% R" ~) W5 tBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45), c; L+ g I- Q% d
Growth outlook, challenging pipeline and high cost structure make future unclear) _0 I; h9 F2 Y. n) N
Blackmont Capital continues "hold", 12-month target price is lowered to $48.004 v4 Q/ X3 f+ z; L) J: Q( h
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00/ Q" g- P. C' k: r7 \0 ~
) H# Q9 t1 o% G+ V& N: J" P" v- IAstral Media (ACM.A : TSX : $22.98)0 C1 v& ^7 x' Y A& p, E) E
Released Q1/09 results: strong, in light of challenging operating environment' f J2 i* Q& t, S
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00+ ~" I* w9 M$ K$ F3 K. }
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.006 {. b( Y1 A. o/ ]% Y1 V
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
1 Q) T5 ^! _4 ]; U5 RRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00! |1 Y7 Y1 x0 K$ B
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00* x1 n7 g! F$ \0 x% O0 f4 M
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)- l4 e. ?4 `1 r- h# N4 t" j
Well positioned with gold production forecast to double this year and next; ?' |* a% i$ n
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00* P, q3 G. @: v2 e1 {' l7 K
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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) O& l6 z3 B4 gARC Energy Trust (AET.UN : TSX : $17.15)$ Y' s7 N: F C; H0 P5 ?
Reduced distributions by 20%; capex also cut
& |% U6 A" M" XRBC Capital Markets continues "outperform", 12-month target price is $19.00" l) `% R4 A% A: N9 O8 H' O5 D
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Andean Resources (AND : TSX : $0.75)/ L7 k9 h* ^1 _, s. J: }
Announced F09 outlook
& f$ M. I) B2 M+ CParadigm Capital continues "speculative buy", 12-month target price is $2.25
( v5 P* l" G) J- @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)
) \+ f) y; Q" ~5 ERising challenges in Aerospace
9 G/ R% v3 ?& K7 c/ ]* A8 u" |GMP Securities continues "buy", 12-month target price is $8.00+ D2 c) @2 F+ m/ O
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Bank of Montreal (BMO : TSX : $31.84)7 l0 |7 H/ J4 z+ ]) ~; J
Acquiring AIG's Canadian life insurance business Q2 j0 X. w% j! ^
TD Newcrest continues "hold", 12-month target price is $37.00, V; M3 y5 t/ T+ h0 \; ^
; H! k+ F/ |: j' x8 U3 ACogeco Cable (CCA : TSX : $33.37)
( D' e, H$ C- r! r) L5 qQ1 review: Canada results encouraging, but Portugal remains a drag
. n$ H( j2 h2 ?- z* B8 f* PBMO Capital Markets maintains "outperform", 12-month target price is $46.008 L: ^ k0 P7 V5 ^0 p4 {
Desjardins Securities continues "top pick", 12-month target price is $40.00$ |. ~( t$ V9 J: S ~9 w- r9 [
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
: I. _: L @$ C9 EScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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: c4 U; e# n1 D1 ^' DCorridor Resources (CDH : TSX : $2.45)
* t" Q6 A2 I( fCapital budget set to expected cash flow; production guidance lowered
6 e* K( Q+ z n O( O! xRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)4 l$ y: c0 v9 K; U; J4 z: Y
Strong radio and cable drives 39% EPS growth4 |( o1 h7 x3 c/ h
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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: _2 s$ ]9 y) fCanWest Global Communications (CGS : TSX : $0.51)
" x$ |# _$ P, }* i. C6 dTaking action to address tough operating environment7 x' F/ \2 b" p# T
BMO Capital Markets maintains "underperform", no target price reported
7 ?1 c. B6 Y6 D. D9 n' WCredit Suisse maintains "neutral", 12-month target price is $1.00
8 H5 E1 O& O2 s+ K9 \- ?, e* ~GMP Securities continues "reduce", 12-month target price is $0.50
$ ~5 t, A) K1 eRBC Capital Markets continues "underperform", 12-month target price is $0.75) _- z f$ i% }; i3 S! q
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50+ Q0 V1 J: `, U' [5 |8 M' j
8 c7 W" W7 a! Z' d: I [3 RCorus Entertainment (CJR.B : TSX : $12.47)9 t) K, y+ x/ t% [! a% J* {9 r
Q1 revenues in line, EPS beat
. z+ L0 l A. h. Y0 c3 e/ MBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
3 A1 ]) A1 I5 S/ p5 v2 e4 n& k$ BCredit Suisse continues "outperform", 12-month target price is $20.00
- v! ~9 Y& g- ^$ ?. a$ P: eDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
, Y, F! _8 p# d6 p. w9 u8 mGMP Securities maintains "buy", 12-month target price is reduced to $17.008 }- g6 X' V. N# R" L2 t8 a8 @
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
2 B6 W9 m; v; x) t5 b mScotia Capital Markets continues "sector outperform", 12-month target price is $18.007 ]# F9 d! l! d! d X
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Calloway REIT (CWT.UN : TSX : $11.84)8 k" q0 w% G: F3 W3 {$ v
Held investor day% l, ^( x: v* B6 e- \
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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/ C; N" D6 s4 P/ N: ZDaylight Resources Trust (DAY.UN : TSX : $7.77)* e; w+ Z M' @! k4 h* m
Reduced distributions by 38%; guided for lower capex g2 ~- c0 ^" n9 W8 F: H
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
! |8 o* `- J+ R$ s5 m9 QDundee Capital Markets continues "buy", 12-month target price is $12.00
* v' z5 t0 \0 K0 B. w, r n) i! [TD 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$2.90)
" A0 h& \, u$ r) E" sSteady market and currency tailwind4 w* y1 O" V! E9 a. ^
TD Newcrest maintains "buy", 12-month target price is US$5.00) |' i1 b' K! p+ w
! A* c1 _! c& h( r+ P& Q- i* P5 TGoldcorp Inc. (G : TSX : $29.74); p5 F2 K6 j7 |. x# j8 X5 k
Revised commodity forecasts
! M1 y- {, ~# ^+ n6 b/ ~% ~Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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* ?, Y* [' y9 U& {* S) z4 }/ }Heritage Oil (HOC : TSX : $3.77)5 q; i8 G' U6 o$ H4 b+ t h6 G8 z
Announced Ugandan commerciality on exploration success1 X7 _# {. j# ~& W9 f; N: z
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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1 ?. c% G% n2 B" QHarry Winston Diamond (HW : TSX : $4.98)( s n3 M0 A& v2 S a6 i" |
Retail division suffers( @6 }7 m8 F7 k2 Z, G. `
Desjardins Securities maintains "buy", 12-month target price is $12.60$ ?8 x5 D8 M S7 |0 {4 K5 U% Z
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Laramide Resources (LAM : TSX : $1.84)
' K& K% t$ y" {2 F" dWestmoreland provided more high grade at Redtree's Jack Lens. R/ V& J s5 [7 ]5 G1 F/ B% E
Dundee Capital Markets continues "buy", 12-month target price is $2.30+ k: w9 g! t t$ O
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Lockerbie & Hole (LH : TSX : $6.00)
- q1 }3 m! `# k* `Released Q3/09 results: very strong, focus should be on active backlog+ a; [9 w' _1 \5 s0 P2 L
GMP Securities continues "buy", 12-month target price is $9.001 R* k( L7 @! c9 |" A R# q4 X: M
Raymond James maintains "market perform", 6-12 month target price is $8.254 b, s8 m3 A" Q/ d; d0 G0 g7 r) O( O
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
) a F9 C) K# Q1 DReduced distributions by 70%
" S+ S2 w; k( B0 |( v2 H1 A0 r4 W3 z7 PRBC Capital Markets maintains "outperform", no target price reported2 G4 a- f* O3 a( ~
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.509 e% P0 U/ z" L% ~
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Matrikon Inc. (MTK : TSX : $2.04)
% X! Y1 _# b6 F4 WReleased Q1/09 results: a little light, but still respectable
4 f% s! b% c$ {- u6 d: u! iBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
1 R5 n9 \$ ^: e5 P* fParadigm Capital maintains "buy", 12-month target price is $4.001 y" N3 _. z/ }, p
8 _2 s0 [' W1 ^3 K0 Y: M. fMullen Group Income Fund (MTL.UN : TSX : $10.97)
9 N8 E: N1 V1 Y/ QExpecting lower CFPU on higher taxes
( J/ Q* c B5 ~+ a% d2 B1 JBMO Capital Markets continues "outperform", 12-month target price is $18.00
: @5 {# _3 J/ j6 C0 yRBC Capital Markets continues "sector perform", 12-month target price is $12.00
z7 z8 X w3 P* c; K8 K, bTD Newcrest continues "buy", 12-month target price is $17.001 z+ [1 {3 P+ W, y9 U+ Y9 \
# p( ]) ~: \. I( f, B5 |Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)) \9 v7 c, ]6 A" g( |
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
1 d" X) d4 s6 S1 \4 U+ o6 xBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
* Z" I0 I2 x1 A3 S2 aCredit Suisse maintains "neutral", 12-month target price is US$1.00
6 \7 k! |6 @' a5 I- cScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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# l& v" K J0 J7 c3 s7 S3 p: kNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
0 H1 \: a* j8 _# `0 ^) ^' @$ i8 fDietary supplement business facing headwinds) b: N# J# M0 y% {' |6 _* M
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00 E. ]3 {) [* J. \1 a/ i
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Open Range Energy (ONR : TSX : $1.18)
; a) |/ P* `7 C* A- X# DProvided operational update and F09 guidance1 q/ s( `5 w" d; r4 [, e
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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8 E- |: b) R4 N) Q) m5 k& v) EOsisko Mining (OSK : TSX : $3.13)
+ T5 ^2 _ Q& l5 _. `* K+ t6 CSouth Barnat resource around the corner
$ Q8 O" B8 k7 ^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)+ l5 M# q1 \$ T2 E7 b
Provided operational update
$ i2 ?) t4 `# D$ m# zBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
) C- Z: A# X, {% \* JTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.509 F0 u+ \7 P9 b# O
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Paramount Resources (POU : TSX : $7.85)9 K/ o9 `, y2 F& d( ~; v
Provided operational update: Grande Prairie emerging as the key focus for F09
% R( c( n8 N( w8 n/ Y ^, D7 U3 e1 XGMP Securities maintains "buy", 12-month target price is $12.003 U/ W5 |& _2 m( U, M6 o; t
/ U6 J2 y/ C$ T# NRockwell Diamonds (RDI : TSX : $0.07)
, o7 X1 A8 @' u8 G' V3 r4 e! g' IOperations starting to turn the corner
3 r' B4 [0 L7 u0 U- p1 v7 Q) gRBC Capital Markets maintains "outperform", no target price reported: p% ^- ^- N" }% i# V! M0 a
5 g) j$ r$ i" M8 V' e) T) tShaw Communications (SJR.B : TSX : $20.13). z0 s' Z& e- } G, N6 k
Released Q1/09 results: in line, subscribers ahead
' y- X7 {! w0 K6 z. r- |Credit Suisse maintains "neutral", 12-month target price is $25.50
) E4 O$ }" K1 s2 w+ Y) ~! b' _GMP Securities continues "buy", 12-month target price is $26.50
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+ ~" {7 J. ~6 T, I( z' m, [0 dSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)' P R9 M d; l
Held a sell-side lunch showcasing new U.S. team" U5 u: x& ]( u$ P6 g
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00' _' U. C# Q+ ^; [9 [( D
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Trican Well Service (TCW : TSX : $6.93)9 c9 X( j" y( T0 z7 @' ~6 b+ C
Awarded Russian contracts
! Z3 A; p! j8 O9 OBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
$ d5 F7 d6 @; YRaymond James maintains "market perform", 6-12 month target price is lowered to $9.004 v1 g8 c2 \9 }0 Z7 j
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
: M' X$ l6 [) ]0 L3 }Chinese furniture exports rose in November
" B0 b+ t- E. ]( i7 bDundee Capital Markets maintains "buy", 12-month target price is $23.50" p) f5 i" S' ?9 ]
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UEX Corp. (UEX : TSX : $0.88)" L+ r4 P' |3 r7 I' e& _+ w
Shea Creek's two largest deposits have become one
1 Y5 |( U( d2 v7 ~% t6 _) O5 QDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)/ b0 Y9 j/ I6 m3 \; K7 K7 D/ i
Released Q4/08 results: horizontal focus to continue in F09
) f) b9 C3 O# M: `8 BDundee Capital Markets continues "buy", 12-month target price is $8.002 a/ p( h4 F5 N7 E# ^0 d# F
GMP Securities continues "buy", 12-month target price is $7.50$ a) ~' L/ r' o# [0 ?+ k
Paradigm Capital continues "buy", 12-month target price is $12.00& V O4 v8 Z3 _1 i4 }5 ?7 ?
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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: N0 o4 f ?7 j4 e6 AWi-Lan Inc (WIN : TSX : $1.75)
. q# C' l( B5 ^1 B" z) M+ j" jHit homerun with Samsung: \ A( f U8 [5 D, N6 m
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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