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Ear on the Street --- Jan. 16 2009
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! P+ t/ C( j7 R# n# v5 c$ h" ^Absolute Software (ABT : TSX : $3.36)
+ N; l# R6 Y/ P. z8 X* CBracing for a tough few quarters' n; K. z' l" y2 b3 x
Canaccord Capital maintains "hold", 12-month target price is $4.50
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( ~! K$ y, Z9 V! ^% H# p! A! PBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
) Z( k2 G3 f" J" s, x3 {Growth outlook, challenging pipeline and high cost structure make future unclear0 M* T7 t1 h" [% K
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00: f* l2 C4 V6 \* Z% P
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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5 @& L- ^. l5 H* m: iAstral Media (ACM.A : TSX : $22.98)5 S1 g: V0 e# S) [
Released Q1/09 results: strong, in light of challenging operating environment5 a8 K2 V. E# g1 k& S3 C
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
' X. p" V. f5 d; I) vDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00, F9 h9 W$ [2 N7 ?! ^! P& R5 D) @
GMP Securities maintains "buy", 12-month target price is reduced to $30.006 v8 L. p) S p$ d- `0 r! |" B
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
1 V/ ^/ X% X8 p# p& a3 ~' \8 p' eScotia 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$45.07)
% }$ \8 \1 B4 ^6 I# YWell positioned with gold production forecast to double this year and next
$ i r: ^! Y q8 ` ~Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
- P3 U0 k5 _* h5 mTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.002 v- g$ r% S) a4 }
" l" v2 g/ F0 q2 Y0 bARC Energy Trust (AET.UN : TSX : $17.15); i: v7 b& p8 {% k- Y
Reduced distributions by 20%; capex also cut
6 D) g0 a$ [! jRBC Capital Markets continues "outperform", 12-month target price is $19.00" M5 P. i; C3 M! t0 v
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Andean Resources (AND : TSX : $0.75)2 I& U3 X* J1 n8 A9 W2 Z
Announced F09 outlook+ q6 ~$ E1 n+ k4 r2 W
Paradigm Capital continues "speculative buy", 12-month target price is $2.25+ G' Q4 d) d9 w! {( h" y5 [5 B
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)
- O% b' u+ y3 o" {; }( v% u4 E' g- P& GRising challenges in Aerospace, R+ p0 l; A' q+ z9 c6 l, W& S
GMP Securities continues "buy", 12-month target price is $8.004 \1 L' `# F# P. N8 J, d7 I
* V6 X: F! _! v2 ?0 r6 m+ V& k# t. hBank of Montreal (BMO : TSX : $31.84)
; v2 g; ~2 i" ^4 mAcquiring AIG's Canadian life insurance business
! u2 |% H F! @2 k. mTD Newcrest continues "hold", 12-month target price is $37.00. p6 Y1 p( ~2 R C! _" S) e
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Cogeco Cable (CCA : TSX : $33.37): m) V% N$ ~' a
Q1 review: Canada results encouraging, but Portugal remains a drag
1 ?5 F( f3 y- e& _. HBMO Capital Markets maintains "outperform", 12-month target price is $46.00
% M6 W! ^* F) O! `+ M6 }+ O2 q7 ADesjardins Securities continues "top pick", 12-month target price is $40.002 z9 n: b' ?3 Z3 n: S: R9 S
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
2 g' F0 a4 \: F( b. {+ Z( l' [; e) fScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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N' ?1 W) z2 Z8 YCorridor Resources (CDH : TSX : $2.45)
H) [- v3 }+ l8 Z4 ~+ L# _Capital budget set to expected cash flow; production guidance lowered
( f3 k1 r- o5 R W aRBC Capital Markets maintains "outperform", 12-month target price is $4.25" }3 K$ a/ j1 l6 \( G" k* N& y
. T! x3 E) h0 e* |: k% l+ |COGECO Inc. (CGO : TSX : $25.14)# D9 T" Z! m/ i
Strong radio and cable drives 39% EPS growth. Y/ e$ A4 C, V
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
; _9 T: l* Y) y0 ?Taking action to address tough operating environment
4 ?2 ~3 J2 U' a. Q) d0 Z# nBMO Capital Markets maintains "underperform", no target price reported9 M! \4 @6 _& m; d
Credit Suisse maintains "neutral", 12-month target price is $1.002 V1 `7 t9 c* W( L4 Q+ Y/ q9 R
GMP Securities continues "reduce", 12-month target price is $0.50
. I- h+ G6 h1 e$ s- \, } hRBC Capital Markets continues "underperform", 12-month target price is $0.75: C9 _0 P- {5 _" {& G3 ~
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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- k4 Y' X' s5 G* K! y9 N( uCorus Entertainment (CJR.B : TSX : $12.47)7 b4 y+ i( S( N8 E4 p9 l
Q1 revenues in line, EPS beat! p2 F: D% m; _0 p1 _8 e
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
$ U) c2 @. B( T( h5 U* j: k gCredit Suisse continues "outperform", 12-month target price is $20.00 U! m4 ~ N/ z0 z% m1 Y
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.007 i3 J! ~8 g7 x
GMP Securities maintains "buy", 12-month target price is reduced to $17.00- W+ p; \2 S+ N3 G+ l/ k/ | [
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
1 A$ d. g9 S, I9 e! I) |9 ZScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
7 z) J' r: [+ a0 R/ _/ ]Held investor day# A& a" p) \$ v% `
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)& J* i) y' y) e# M$ ]4 Z7 ]- f5 y2 Q( I
Reduced distributions by 38%; guided for lower capex
+ j# H( q) K2 _5 _6 i. o1 sBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00 _6 d8 Y2 t( {- T( Y4 |
Dundee Capital Markets continues "buy", 12-month target price is $12.006 I1 U( O5 i, {# p* k2 J
TD Newcrest continues "hold", 12-month target price is $7.50$ H- E" ?& {- s, y7 R+ u" _/ b
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)' o, {! P8 Z1 L" R M
Steady market and currency tailwind
2 C2 n2 T/ p+ A, A2 _1 O1 lTD Newcrest maintains "buy", 12-month target price is US$5.00
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5 Y) f* V* e" C* r2 m# lGoldcorp Inc. (G : TSX : $29.74)4 y0 n& h4 I3 P6 V* [0 V
Revised commodity forecasts
) ?1 V2 T9 }1 T# \- S6 ]& ZBlackmont Capital maintains "buy", 12-month target price is reduced to $49.005 G: U3 D+ F8 [! O. |
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Heritage Oil (HOC : TSX : $3.77)1 M4 Y o' d+ ?5 Y) R
Announced Ugandan commerciality on exploration success
5 ]& i$ S: F& ?4 q2 Z% [- c6 nTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.502 \: X. `1 k8 b g+ R
- D% o* p5 b1 X3 C4 eHarry Winston Diamond (HW : TSX : $4.98)4 t, `1 X# b% ?! h* L
Retail division suffers# f, N M+ K: G
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
, P6 Z3 v/ V# ^% BWestmoreland provided more high grade at Redtree's Jack Lens/ \( K2 i5 c7 j: A6 y1 h
Dundee Capital Markets continues "buy", 12-month target price is $2.30' K9 o9 \) y+ D6 U* w5 h
5 Q4 R6 _, ?3 n& l/ T& D6 rLockerbie & Hole (LH : TSX : $6.00)
$ g) R) t/ X" t! W5 d( M4 |% IReleased Q3/09 results: very strong, focus should be on active backlog
T1 q8 `4 c+ a7 h5 fGMP Securities continues "buy", 12-month target price is $9.00* n! ?. I6 u' i! S/ \9 F4 ~% w
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)0 v2 a' Q R1 t- \4 h5 Y% Q
Reduced distributions by 70%
* P5 Z3 L. y/ `' T# t" nRBC Capital Markets maintains "outperform", no target price reported
0 K2 s9 U& ]- e8 U5 B9 iScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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* [! h9 f* y8 y6 X$ g) o. p: `" HMatrikon Inc. (MTK : TSX : $2.04)
' {. P! g7 f( a% L6 K/ @& @Released Q1/09 results: a little light, but still respectable" |7 e8 p, L6 o5 L# I8 M
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50$ |! E: L* ?$ G$ {
Paradigm Capital maintains "buy", 12-month target price is $4.005 P: ]1 ^2 Z- n; N( m" O
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)) T N% y7 h* L% R( F. w9 c
Expecting lower CFPU on higher taxes
: `- \1 c4 u$ MBMO Capital Markets continues "outperform", 12-month target price is $18.008 N+ _$ o% r. e5 \4 t
RBC Capital Markets continues "sector perform", 12-month target price is $12.00* c+ Y* _$ t7 ~- z5 ^! Y7 a5 T
TD Newcrest continues "buy", 12-month target price is $17.008 V' ^' U5 n" @ {
9 w5 [2 |$ J" C5 zNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)' k( L3 X6 f' o- f5 n
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain" u1 [ F: G7 f9 t1 z m
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
0 Q3 W- ^) k8 W* y- QCredit Suisse maintains "neutral", 12-month target price is US$1.00
4 `; d! [% D. @1 m! L. LScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80$ b7 R% `" y1 R8 \% u2 ^$ T3 \
& P i$ c( H6 gNeptune Tech & Bioresources (NTB : TSX-V : $0.79). X( {) m$ k" t* f
Dietary supplement business facing headwinds
4 O/ k2 s1 k' a$ ^Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00- p% d- g& |" Y! O- o/ N3 f2 j
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Open Range Energy (ONR : TSX : $1.18)$ z) B, ^0 J, x7 ]- Y+ X1 }/ R
Provided operational update and F09 guidance
% Y8 g2 N% {' g$ U8 b% F% u4 [. fHaywood Securities continues "sector outperform", 12-month target price is $3.250 {$ f9 c3 P) y1 @8 H
5 b6 [! `$ V, {1 k3 w: x0 k( E) H! POsisko Mining (OSK : TSX : $3.13)! E7 F! \1 N+ h u% a, L+ w) v. w4 c
South Barnat resource around the corner4 p: I6 |( {' `# b3 X9 f
Paradigm Capital continues "speculative buy", 12-month target price is $4.75/ s# P+ o$ U" X% H8 A. c
8 T+ b; y; u3 APan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)' h6 ?* F( z0 @2 w7 H6 V$ ~
Provided operational update2 T3 a6 e$ J! g
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
% f6 r. N8 c7 p- C7 m6 ]) B4 ~TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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- q( W7 k/ ~/ e' `' x5 D0 mParamount Resources (POU : TSX : $7.85)
5 N5 V u% L- |; H0 e* YProvided operational update: Grande Prairie emerging as the key focus for F09
. L7 K" [& K1 DGMP Securities maintains "buy", 12-month target price is $12.00- v' c1 J) o8 M' Z
; V( r5 k# S! W; d! I2 u3 N- j% rRockwell Diamonds (RDI : TSX : $0.07)
% [5 }/ X) a* ~" ROperations starting to turn the corner
) I' c3 f! L' U$ rRBC Capital Markets maintains "outperform", no target price reported- r6 X0 ?3 W1 x! V
& Z5 E* h- ~* M! h0 y4 u' T# bShaw Communications (SJR.B : TSX : $20.13)
* Y+ D" Z" c6 Z! i9 DReleased Q1/09 results: in line, subscribers ahead
2 D2 w7 m% Q4 _Credit Suisse maintains "neutral", 12-month target price is $25.50+ W+ W: k" f' w0 T1 C
GMP Securities continues "buy", 12-month target price is $26.50
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9 B: \6 a" b( S7 V* aSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
# ^0 l! c7 Q- R ]1 E& \Held a sell-side lunch showcasing new U.S. team
& h+ ?' u& G% d/ `9 XScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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{! Q+ Y4 f( S. M7 b4 M+ C1 [+ sTrican Well Service (TCW : TSX : $6.93)8 r/ I' G& N3 R3 F$ ?! P, x- d* d' S: |
Awarded Russian contracts) J2 {5 M- O) D7 ^( ]
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
' k9 X# h! A5 Z2 p/ PRaymond James maintains "market perform", 6-12 month target price is lowered to $9.008 W2 \' Q3 _3 [3 @2 X- U) w. d
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00) n3 a, r7 |4 K5 E# ?; F: H& B2 U
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Sino-Forest Corp. (TRE : TSX : $8.93)
2 f: _9 x4 J3 d V. @7 ^. ~Chinese furniture exports rose in November
& E; t% V% ^% Z, d7 I [7 }6 ]$ PDundee Capital Markets maintains "buy", 12-month target price is $23.502 f" w& f- n. G
# Q) j) x- R4 p9 z4 w* t8 c* Z4 R% g6 XUEX Corp. (UEX : TSX : $0.88)# c, w3 c/ W* M' n! l. \
Shea Creek's two largest deposits have become one5 p# e5 G$ ]3 W1 n* J0 N7 x; m0 J
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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; Z& p/ n) V ]/ `, i \Vero Energy (VRO : TSX : $4.72)
. A0 U( L( l: j9 V6 E( ] Z% [Released Q4/08 results: horizontal focus to continue in F09
0 P9 a# F, r) \1 B b5 JDundee Capital Markets continues "buy", 12-month target price is $8.00( n( Z" w/ v% P9 f# s9 m- J
GMP Securities continues "buy", 12-month target price is $7.50$ y% D/ u% _0 [$ _) _6 R" [
Paradigm Capital continues "buy", 12-month target price is $12.00
/ a" `- P B9 O) ^" ORBC Capital Markets maintains "outperform", 12-month target price is $8.504 S' w- m# r- {: k1 B1 T
) w( ^* ? a& c$ l) E2 c' ^Wi-Lan Inc (WIN : TSX : $1.75)9 o: g- K N% W7 h. _8 ]9 i: J( V
Hit homerun with Samsung
: f9 I5 j; F3 v8 {3 |Paradigm Capital continues "buy", 12-month target price is $3.50 |
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