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Ear on the Street --- Jan. 16 2009
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8 S! ?) L' v' h' T6 m$ kAbsolute Software (ABT : TSX : $3.36): i/ M8 e P4 M# ~
Bracing for a tough few quarters
b: I4 Z, Y, O* CCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
( U* C$ h$ T6 QGrowth outlook, challenging pipeline and high cost structure make future unclear
3 A; w5 V; a. hBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
, i/ l. r$ \( v n; S4 Q7 PTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00. o5 Q9 B3 J* k/ A6 Y% B) N9 g
) i+ C1 ]* |3 Q7 h5 K3 {( G3 vAstral Media (ACM.A : TSX : $22.98)( d0 |; r* m* p
Released Q1/09 results: strong, in light of challenging operating environment
+ k& i3 _6 Y6 f/ ^. x' NBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
! y: x5 f/ K* x& ]Desjardins Securities maintains "buy", 12-month target price is slashed to $28.002 W8 C; R( j6 b6 q4 e- ^$ H
GMP Securities maintains "buy", 12-month target price is reduced to $30.00 w- u* B! k2 [1 |3 W/ a
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
) d9 [7 E: w/ x) z& YScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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) T% k4 t C# J/ j, {4 T& ]Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)% | E, e: y4 ^& }2 ^/ Q
Well positioned with gold production forecast to double this year and next
, _( o2 j9 } F& [" ~" L, f6 SBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
) g6 u" V6 M2 A2 ATD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15)! a. |: t% O, ]8 H2 D
Reduced distributions by 20%; capex also cut5 C$ H" l8 m( u. e- @1 t1 N' Z
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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( U5 K6 L& N6 P: V/ I, @2 UAndean Resources (AND : TSX : $0.75): s1 U, R4 E+ J5 E4 f! a6 d9 q
Announced F09 outlook& L9 \: ]3 B6 K! b3 F/ P1 q* Z
Paradigm Capital continues "speculative buy", 12-month target price is $2.259 t! V& N9 H% |. ]3 k( p4 _
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)
- x. @/ ~+ V4 @Rising challenges in Aerospace: h% s- L+ H1 W3 J3 i3 u3 B; |
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
6 O2 Y' V# ]# W$ k, Q HAcquiring AIG's Canadian life insurance business2 m8 u! |% m5 ]/ h) Y. a; r
TD Newcrest continues "hold", 12-month target price is $37.000 @' e$ P4 w+ I: A* \
9 B3 j) j3 G- F: c. @, S2 k' D2 D: MCogeco Cable (CCA : TSX : $33.37)' D: l |) P8 n7 e' ?# E
Q1 review: Canada results encouraging, but Portugal remains a drag" q, N! `: C, ~& b! t. H
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
( @. R& ^) [/ _% F+ E ]Desjardins Securities continues "top pick", 12-month target price is $40.002 n0 y+ J" E$ J8 q0 j- r: l
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00: J4 U2 `$ R9 O' Z7 ?6 y8 Q
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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4 W3 ~( g4 A) eCorridor Resources (CDH : TSX : $2.45)
/ x" d) \3 d% h2 l! ?+ T7 y. CCapital budget set to expected cash flow; production guidance lowered
" J& v8 U+ b* U: fRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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9 h$ `6 R K3 m$ rCOGECO Inc. (CGO : TSX : $25.14): Q# e0 G. l+ o7 S: J; Q& w
Strong radio and cable drives 39% EPS growth
2 \+ Z; }! F1 H/ \Scotia Capital Markets continues "sector perform", 12-month target price is $45.00+ T0 Y7 k- ]0 l9 {: }5 |
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CanWest Global Communications (CGS : TSX : $0.51)( Y9 p) d$ n5 c+ p6 |1 m
Taking action to address tough operating environment
/ s3 o. {, P) Z& e5 bBMO Capital Markets maintains "underperform", no target price reported4 l6 ]; n+ Q2 w& F
Credit Suisse maintains "neutral", 12-month target price is $1.00
: ^# `& c$ F' s8 YGMP Securities continues "reduce", 12-month target price is $0.50; n" W" Z' }5 g2 a% t
RBC Capital Markets continues "underperform", 12-month target price is $0.75# K4 _7 U/ t( l' U$ B0 y( v! h
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50' l& X+ S1 n* l; q: w( |- L
* n+ T1 r( T0 o# B9 u7 C6 _' }Corus Entertainment (CJR.B : TSX : $12.47)
" a( M8 l+ M6 \Q1 revenues in line, EPS beat1 F' X* M9 Q: ?6 j4 L3 c, { C' D
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
9 `3 m4 {% M2 T5 B; M/ n# ]Credit Suisse continues "outperform", 12-month target price is $20.002 ^ }; Z) W/ e6 U
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00' B6 J8 _ e, g% Q- C$ [
GMP Securities maintains "buy", 12-month target price is reduced to $17.00( w2 A& r5 j6 e) f4 C
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50: p$ T; a( _" ?! F' j1 I* s; J
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
. h8 r3 @$ l% b) W( A1 V6 WHeld investor day
" @2 f8 q n' o% q3 j1 I9 Y* h1 [Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00& j3 G4 x& x5 b0 v o+ ~, D
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
5 I' F: K" l' NReduced distributions by 38%; guided for lower capex9 n8 H9 t C/ x# _9 ?- {
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00 g) H2 n0 \; g, U, [* f- R
Dundee Capital Markets continues "buy", 12-month target price is $12.00: v- V( P U) K( J9 w3 k4 i
TD Newcrest continues "hold", 12-month target price is $7.50' u: j" X/ Y3 ]
8 l$ y2 ~/ x. [1 ~% D. w. lEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)- Q s( E5 I8 k/ O: W! _! `
Steady market and currency tailwind
5 d/ j& a Z/ Z2 sTD Newcrest maintains "buy", 12-month target price is US$5.00' S0 s2 c6 J* Q: _
% ^7 w# T. X3 z! h# O z: ^Goldcorp Inc. (G : TSX : $29.74)
% l& w/ ^8 J; f9 PRevised commodity forecasts" O4 l1 V3 W. `8 |
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
5 v6 m3 L5 r8 e1 Y5 E# ?5 G' |Announced Ugandan commerciality on exploration success
, S& X3 D: h! v# d) T. v, k$ aTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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3 f# k: k# G5 h) L/ n, }Harry Winston Diamond (HW : TSX : $4.98)
! D$ R6 L* W( ZRetail division suffers
: ], {2 g o7 Q4 n, t0 TDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)6 D, u/ ?6 `% O( a
Westmoreland provided more high grade at Redtree's Jack Lens
0 y' X! _+ i- pDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00) i* I0 \; @! A% w% I
Released Q3/09 results: very strong, focus should be on active backlog1 h+ _( b% p9 `" i0 ^& v- D
GMP Securities continues "buy", 12-month target price is $9.00+ J5 A+ m7 N5 m3 m1 o
Raymond James maintains "market perform", 6-12 month target price is $8.25
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3 e8 k- j+ E# H. a* KLivingston Intl Income Fund (LIV.UN : TSX : $6.00)+ ^& B2 \9 o {7 q. @) I: T
Reduced distributions by 70%: F. T0 W0 h; R! y2 G( i1 V
RBC Capital Markets maintains "outperform", no target price reported
4 y q- |5 W5 i& ^Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)/ H" k! \/ t5 U/ U$ ?0 _6 j
Released Q1/09 results: a little light, but still respectable8 n' J9 d- ^4 Q3 u8 w
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.509 ^) S$ }5 e1 u5 E( Z, X- ]0 r
Paradigm Capital maintains "buy", 12-month target price is $4.00
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7 v/ | f" P: h& eMullen Group Income Fund (MTL.UN : TSX : $10.97)
3 E! `' Y4 T. K# p3 XExpecting lower CFPU on higher taxes$ O N/ D4 W* ] s
BMO Capital Markets continues "outperform", 12-month target price is $18.00/ ?* m1 z. \/ ?/ K U6 }
RBC Capital Markets continues "sector perform", 12-month target price is $12.009 R" W1 e4 s. i0 I6 C- n7 b
TD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
* f; _* A0 H" {% w9 p3 p2 xReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
+ ^6 s9 y* R. m% ~- uBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
7 U6 E( L$ I4 L8 nCredit Suisse maintains "neutral", 12-month target price is US$1.00: c6 I- d) E+ w, y, `* d3 k
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
& X# m h( z" VDietary supplement business facing headwinds
( H6 R$ g9 ~' p e$ sParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18), g( y+ T* y% S5 f* ~: R
Provided operational update and F09 guidance. {+ M5 W! c: o2 O/ r8 I* w6 J
Haywood Securities continues "sector outperform", 12-month target price is $3.25+ ]! n6 t5 h* l+ W* S$ `& I
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Osisko Mining (OSK : TSX : $3.13)
C2 F' Q4 X. t! K# Y; cSouth Barnat resource around the corner
8 z& a: b8 V$ V2 m* N( }1 yParadigm 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)- z8 a) n: B1 e# Y" l
Provided operational update
0 X: C' R W1 IBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00! s: ?3 C% D# W9 W( Z' T; \, R7 }
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50' B" I! d( A& v) T$ M) G
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Paramount Resources (POU : TSX : $7.85)) j s# t! v0 b- M7 }* T. p2 S9 g
Provided operational update: Grande Prairie emerging as the key focus for F097 Y4 M5 b' t: c5 K/ C7 \' m
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)( f. d# g2 [3 B/ g% [
Operations starting to turn the corner
6 k7 C' q3 b0 h8 M0 yRBC Capital Markets maintains "outperform", no target price reported0 G: v+ C @2 Y& `
$ `4 c1 M/ a' N# [4 iShaw Communications (SJR.B : TSX : $20.13)
# a/ e4 ~' S4 |Released Q1/09 results: in line, subscribers ahead8 X1 W5 X5 q6 Z7 ], S; w
Credit Suisse maintains "neutral", 12-month target price is $25.50
: ~& |* S. W1 C$ B! [GMP Securities continues "buy", 12-month target price is $26.50$ L8 a' G+ ?7 @3 n
3 v' M$ u; w1 Z' U+ |Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
. }9 z; p* `9 c! w* c" f' EHeld a sell-side lunch showcasing new U.S. team- c3 n) B' o$ f% e( b
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00, Z, R0 k+ U; F
* Y* [, U/ [ @. } ^Trican Well Service (TCW : TSX : $6.93)
; \. N w6 V" ~7 _; m/ v. |0 ^Awarded Russian contracts
# P8 C6 b/ K3 T( `) HBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
~) e$ m$ \& A. q( g4 hRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
* d7 m i3 H) y9 o2 e" k: q0 n) eRBC Capital Markets maintains "sector perform", 12-month target price is $10.003 m5 q7 `# }& S% Y: w# K
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Sino-Forest Corp. (TRE : TSX : $8.93)
3 v, n- I- R3 K J* iChinese furniture exports rose in November
- ?4 x$ l8 t! g/ X8 ODundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
" G: q1 c3 K1 QShea Creek's two largest deposits have become one) ?- r& N( ~; Z! L. i
Dundee Capital Markets maintains "buy", 12-month target price is $2.75: R- s/ r) H' r4 Q
( E6 F- }5 W( a6 K# z; {Vero Energy (VRO : TSX : $4.72)
, m2 ~/ O, v9 x" a. F4 u% f. XReleased Q4/08 results: horizontal focus to continue in F09
* e- {, a) C6 T- rDundee Capital Markets continues "buy", 12-month target price is $8.00
& V: |9 a+ o* B+ {GMP Securities continues "buy", 12-month target price is $7.50
- p, U+ ?: ~' EParadigm Capital continues "buy", 12-month target price is $12.002 C+ s2 x h7 m% m! ]" A
RBC Capital Markets maintains "outperform", 12-month target price is $8.500 @% Z& H$ w6 S
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Wi-Lan Inc (WIN : TSX : $1.75)
8 s7 A0 N$ N/ R3 x* W. U8 @, d1 |" k+ zHit homerun with Samsung
9 q* L) E) X8 R# {6 o7 gParadigm Capital continues "buy", 12-month target price is $3.50 |
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