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Ear on the Street --- Jan. 16 2009* K. k' J8 @" z; x4 l
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Absolute Software (ABT : TSX : $3.36)
2 { q) G* j3 I9 x) M5 dBracing for a tough few quarters3 }: a8 x# C8 `: H
Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
- M' }% l; p8 S* t! n1 R# tGrowth outlook, challenging pipeline and high cost structure make future unclear' ~6 V6 k2 A( g$ l
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
* }, e) J$ E) D# U/ E0 m, yTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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. S6 p( ~5 Q+ L ~Astral Media (ACM.A : TSX : $22.98)
, D2 }& F' W7 y% L1 L! {$ M8 mReleased Q1/09 results: strong, in light of challenging operating environment( f: |% {( @3 A7 g4 ^; q: w
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00 f. E& G$ i5 t2 S, p; V
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
/ r, ~; y( A' RGMP Securities maintains "buy", 12-month target price is reduced to $30.00
7 z) n I7 a/ n" l9 ]2 L/ |; L; oRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
' G. [) S: E( a+ b! d, AScotia Capital Markets continues "sector outperform", 12-month target price is $30.00, G& A6 B. k) q" d( [. ]
0 C: O' n4 S$ J6 F: U' r9 gAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07); ?; D& {* t/ `4 ~
Well positioned with gold production forecast to double this year and next
8 \% ~) B9 p+ `- nBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
6 @# }- T7 U/ E9 [TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00) v6 J1 s! b: K" g+ o( f. t' i
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ARC Energy Trust (AET.UN : TSX : $17.15)% v# G6 Y. [2 s! ^% E. [ O/ A
Reduced distributions by 20%; capex also cut
: M# B- q" G' uRBC Capital Markets continues "outperform", 12-month target price is $19.00
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$ t& \* I9 g( Y2 r9 s! `: iAndean Resources (AND : TSX : $0.75)
. Q1 }( O) `4 H0 q0 ]+ X4 e/ ^Announced F09 outlook
6 |5 v$ y' B# {' NParadigm Capital continues "speculative buy", 12-month target price is $2.25+ T2 K* p+ H5 F9 P1 B0 i" l7 X
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00) J- X, U, a( a1 @! j* p
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Bombardier Inc. (BBD.B : TSX : $4.65)9 h; R* x% S$ O3 G
Rising challenges in Aerospace) T/ O. Q; p1 A4 ]: D
GMP Securities continues "buy", 12-month target price is $8.005 Y9 e# N4 Q/ V R4 [, Y
3 {+ z [, v" z; J0 g2 G" g" j/ ?Bank of Montreal (BMO : TSX : $31.84)' u% f9 m; V9 u) \8 m. c
Acquiring AIG's Canadian life insurance business
" J+ L+ }: W; W2 M: nTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
) p6 r. P5 f$ L2 B8 e( B2 x& Q& U; lQ1 review: Canada results encouraging, but Portugal remains a drag
, Z" |) T! X4 f `" |BMO Capital Markets maintains "outperform", 12-month target price is $46.00/ }- o6 T5 D1 t% Z4 X
Desjardins Securities continues "top pick", 12-month target price is $40.00
8 ]; t8 g' B) B4 RRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
, l8 o+ d: H# L% d* XScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
8 P0 X5 s7 ]9 S7 E2 N" Y2 HCapital budget set to expected cash flow; production guidance lowered
; w( g) k7 [+ `% \RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
7 L# m; S( N) HStrong radio and cable drives 39% EPS growth3 K. p% e0 R; I. A
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00, E' x* M5 D1 k9 z9 \: \" Y
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CanWest Global Communications (CGS : TSX : $0.51)
4 B% m% l/ S* n% N! [& sTaking action to address tough operating environment, V' Y) a8 h5 \. n; H) `
BMO Capital Markets maintains "underperform", no target price reported
9 U. H0 H$ M9 H5 W3 ?: DCredit Suisse maintains "neutral", 12-month target price is $1.00
' k, F9 E3 C" F- Q6 W; yGMP Securities continues "reduce", 12-month target price is $0.50
1 _9 u( D! a& @5 R! @1 ~2 ?7 qRBC Capital Markets continues "underperform", 12-month target price is $0.75( z* t; V. V/ n
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50: ^5 f5 J S! c8 D; ^
" J( T) W( o1 B: [* LCorus Entertainment (CJR.B : TSX : $12.47)
# ]( l* e5 U; s, J/ I% CQ1 revenues in line, EPS beat
( b3 Q) Y& R) J1 G% ?6 Y: C7 `BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00& ?% O3 G% H2 m8 D, f% H& z% e2 L
Credit Suisse continues "outperform", 12-month target price is $20.00
7 m- R1 b& |/ s' y' w! EDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
8 ^" b9 |9 B6 \1 d T. lGMP Securities maintains "buy", 12-month target price is reduced to $17.002 l. u) _$ z) s, c2 E1 v" H0 T
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
; b1 x$ i7 R1 H* _* H+ x# TScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
0 K9 R4 z6 v) E9 {Held investor day& {3 S. O. m8 N( i$ \6 O; N) M- H2 }- W
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00( U" P1 l% D+ \2 V. M. @0 i
6 N$ q$ y" X! x" gDaylight Resources Trust (DAY.UN : TSX : $7.77)* A7 {7 d7 q, j" v" m, L" ?/ L
Reduced distributions by 38%; guided for lower capex) d! R+ ~7 q. P& S0 ]+ y0 o
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
1 B) Q( M4 b+ G& g, @5 S' ^Dundee Capital Markets continues "buy", 12-month target price is $12.00
) X/ d2 o6 z& M5 Y8 A5 e) Z6 M3 mTD Newcrest continues "hold", 12-month target price is $7.50% b8 V: S, `/ y5 ]8 {9 ?
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
) n. o6 }) j: p0 A3 J! k3 @3 aSteady market and currency tailwind
( a9 b9 |9 r" q N; nTD Newcrest maintains "buy", 12-month target price is US$5.00& G' n7 G: \& d9 l
1 m" Z2 K0 k* sGoldcorp Inc. (G : TSX : $29.74)
" E, D4 p) o* a. eRevised commodity forecasts! n- {, f" e/ @1 b. W0 N
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
( {" A9 H9 _ r* ^' ?1 T8 JAnnounced Ugandan commerciality on exploration success
! z0 ? p5 ?9 } V2 D: W: G! }) RTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.502 \& k4 p0 ^7 ]7 i/ B" s: q
2 E/ Q, P2 C3 d- g' J% W/ I: gHarry Winston Diamond (HW : TSX : $4.98)
: H$ \/ ^9 }& s1 [! J$ G7 KRetail division suffers5 j, [. \5 c% M% N5 q5 _/ s) ^$ f
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84), `+ W/ }; A& Q$ L R o5 v
Westmoreland provided more high grade at Redtree's Jack Lens7 Q" k6 x7 \/ z1 M" }* q
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)8 I. Y- a2 Z- [+ k: r1 B, v$ K( S
Released Q3/09 results: very strong, focus should be on active backlog
5 U5 l9 S% H2 L. ~0 ]: O' ~GMP Securities continues "buy", 12-month target price is $9.00
- X' `+ m5 [! F5 NRaymond James maintains "market perform", 6-12 month target price is $8.25
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2 x' j+ b6 T9 a3 KLivingston Intl Income Fund (LIV.UN : TSX : $6.00), s1 m, o3 x4 H8 m% ?3 ~
Reduced distributions by 70%
& o& k8 f2 @% Q0 s* u1 fRBC Capital Markets maintains "outperform", no target price reported
; }6 N O; Q" DScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
; B) `$ f; s* ~# r; pReleased Q1/09 results: a little light, but still respectable
9 R: o0 P d) m% y, T4 \# ZBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50$ h% i* J6 w% O$ r
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)& h% n6 v' j5 g. e& q+ @
Expecting lower CFPU on higher taxes3 E/ P; P8 k2 {% ~
BMO Capital Markets continues "outperform", 12-month target price is $18.00
$ n0 S `# t4 P! G( v3 y3 sRBC Capital Markets continues "sector perform", 12-month target price is $12.00
( L; _, L: g6 ]4 ^1 |* x) l; B2 |TD Newcrest continues "buy", 12-month target price is $17.00: H: x( ~" d" y5 ], B
+ [" w+ k4 o" D6 O3 hNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)# j0 b" T. r% \" b7 w8 q2 O; Z
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain# }2 y: S" `$ l) r2 Q7 Z+ \
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
" K4 H. J/ j8 i; y A, ICredit Suisse maintains "neutral", 12-month target price is US$1.00& u6 C/ }, ?2 L) ?
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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2 `3 Z/ q0 ]6 U$ kNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
0 [4 i! R7 r1 _, k/ {- M0 ~Dietary supplement business facing headwinds
3 B& V+ P. ]0 u0 i; P/ rParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
% s W# F5 S$ b+ z! b+ ~Provided operational update and F09 guidance
' L7 Z) [$ b# L p' }4 J9 H, oHaywood Securities continues "sector outperform", 12-month target price is $3.25* t( O$ o$ r9 P% a
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Osisko Mining (OSK : TSX : $3.13)
$ Y% U4 q: ^( c) lSouth Barnat resource around the corner
$ q* c5 L5 Q: Q3 c2 k' Y- C) YParadigm Capital continues "speculative buy", 12-month target price is $4.75$ a* K1 Z9 p. h7 v
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
! c' O% K. |3 eProvided operational update5 \9 g" G& i' ~8 R' @) c" [
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00% P: e& d. C# P: w
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)+ d M# N' ~8 u. B( i7 Z
Provided operational update: Grande Prairie emerging as the key focus for F09
/ _2 L$ k. h6 [8 i$ a2 M7 TGMP Securities maintains "buy", 12-month target price is $12.008 V! u4 D2 ]- \3 y7 j3 B* h
3 v0 T1 c' ?6 i8 o1 FRockwell Diamonds (RDI : TSX : $0.07): M+ ~0 j+ d) Z% d/ w' \8 y: h
Operations starting to turn the corner
6 ]6 w# z; [# g4 a8 T. iRBC Capital Markets maintains "outperform", no target price reported
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. l& c( U4 |+ |4 eShaw Communications (SJR.B : TSX : $20.13); w- V% Y# v4 B5 t' J0 _" g
Released Q1/09 results: in line, subscribers ahead
3 {; D7 p2 {5 I5 k' iCredit Suisse maintains "neutral", 12-month target price is $25.508 ^# C# m2 u" I* T
GMP Securities continues "buy", 12-month target price is $26.509 S8 E' o- X5 v: f {& l) j
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)2 e4 W# _* N( D! {$ `
Held a sell-side lunch showcasing new U.S. team" y5 [2 I8 d0 ?2 ]( x& ]- S f
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.001 c0 ]; b1 b* F- A0 U3 o* s
4 p& W3 P: d: n3 d( T7 C; w4 jTrican Well Service (TCW : TSX : $6.93)6 F, k" Q$ V) l6 x1 Q9 e
Awarded Russian contracts9 J' ~8 c) M7 {/ \
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.750 p& T5 o3 H7 j; S! C; S1 l
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
8 y! I+ S) z4 O, Z( ZRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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; b$ p. ~7 R, Y- j9 [, a5 \Sino-Forest Corp. (TRE : TSX : $8.93)$ g9 B9 r- U& H' i
Chinese furniture exports rose in November
+ l! v; U j- H/ I7 [3 c* U9 {5 LDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
$ f. \3 J: o) t/ C8 X- `2 oShea Creek's two largest deposits have become one
9 @4 m# B; J+ N6 p; E! [Dundee Capital Markets maintains "buy", 12-month target price is $2.751 s& \* ]) j; V
% x5 Q4 U( Q- g* o1 ?9 }2 ^$ R }Vero Energy (VRO : TSX : $4.72)
p" s' ~* P3 e( \2 @0 bReleased Q4/08 results: horizontal focus to continue in F09; S/ f- s# ^2 e2 m X
Dundee Capital Markets continues "buy", 12-month target price is $8.002 I* l: k; W8 W5 M7 H) H& @
GMP Securities continues "buy", 12-month target price is $7.500 I* x: {( V- k5 E$ l+ ^
Paradigm Capital continues "buy", 12-month target price is $12.00- w1 }! y5 l/ e" E$ W
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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4 U) p: h x) A6 u4 [Wi-Lan Inc (WIN : TSX : $1.75)
1 r$ T; y {3 L1 mHit homerun with Samsung# a/ r4 J! Y t! L- v! s6 O- |
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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