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Ear on the Street --- Jan. 16 2009, A0 w3 e0 D; b4 s& Y2 g% Y
' h# K* r% D" uAbsolute Software (ABT : TSX : $3.36)
0 T' P& e6 Q9 |Bracing for a tough few quarters
7 d* F0 r: G2 Y9 \: ~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)
7 h* }8 e5 m9 w7 _. YGrowth outlook, challenging pipeline and high cost structure make future unclear
0 d5 x- O4 g& LBlackmont Capital continues "hold", 12-month target price is lowered to $48.00# E' B% G4 ?; G; h7 _
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00$ e; }+ x; E$ T
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Astral Media (ACM.A : TSX : $22.98)& D' t. M* O! L
Released Q1/09 results: strong, in light of challenging operating environment7 ]! e, E6 ]; b3 |( _
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
, s: L9 C8 W0 T' yDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
/ e, y; D+ ~3 H1 }GMP Securities maintains "buy", 12-month target price is reduced to $30.00* b* Z P x. C. i" X
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00- X* i. Z. w1 e
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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/ S; T) V2 \/ z+ `( BAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)' S. {2 z! c. d0 V8 H2 i$ S7 L$ ^1 J
Well positioned with gold production forecast to double this year and next
* }3 K& O4 S& k9 WBlackmont Capital continues "buy", 12-month target price is lowered to $83.00+ w0 \7 W6 Z x8 _+ F& S
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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& G9 ~- I6 r; e4 w4 RARC Energy Trust (AET.UN : TSX : $17.15)8 {8 @4 m2 U9 p4 T0 ?% a4 J. E
Reduced distributions by 20%; capex also cut
0 Z }) t9 O2 q5 `& q' XRBC Capital Markets continues "outperform", 12-month target price is $19.00: g; A' @9 I: L5 U9 j
% _/ j' }/ S5 sAndean Resources (AND : TSX : $0.75)4 ` k1 k1 Z# s
Announced F09 outlook
" T* F/ K; w9 N. v# ]1 _- ]Paradigm Capital continues "speculative buy", 12-month target price is $2.256 J9 B! A A+ j5 U% ?6 Q
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00: Q) e: G/ K$ g! b% F
9 I" v/ D+ {* P7 \, MBombardier Inc. (BBD.B : TSX : $4.65)
2 O# f) z+ Y- `: H/ V! w% ~* i7 @Rising challenges in Aerospace
$ s+ ?- P- ?. s. [1 g+ o2 JGMP Securities continues "buy", 12-month target price is $8.00
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6 s3 C( J& t0 ?+ b. ~7 F" d8 DBank of Montreal (BMO : TSX : $31.84)+ E7 ^) C" B; h5 k' s: b8 V: f
Acquiring AIG's Canadian life insurance business1 g' c( o9 S! }1 {1 l4 O: o: a
TD Newcrest continues "hold", 12-month target price is $37.002 v! y/ t% N4 L% X* N
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Cogeco Cable (CCA : TSX : $33.37). J5 ?$ ?7 x/ ? l* o
Q1 review: Canada results encouraging, but Portugal remains a drag5 ]3 N* j4 i7 ?* v( q) r( u
BMO Capital Markets maintains "outperform", 12-month target price is $46.00* y) l7 D+ Z0 W3 \
Desjardins Securities continues "top pick", 12-month target price is $40.00
" J4 s: w, W0 `2 a* cRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.007 U9 G1 r- H# l0 n5 L5 |
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
7 P4 v* y7 t- A3 E6 x/ a( ^Capital budget set to expected cash flow; production guidance lowered
+ h; l: Z2 h) U s9 gRBC Capital Markets maintains "outperform", 12-month target price is $4.259 d8 |9 q' g, a I
; R3 A, A# _1 Z5 z# c, F, j; XCOGECO Inc. (CGO : TSX : $25.14)
- \1 g4 Y6 q- _Strong radio and cable drives 39% EPS growth& [3 S+ G' K8 t
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00- X/ ]7 Y9 P9 m( z1 h7 k
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CanWest Global Communications (CGS : TSX : $0.51)- m( F9 v/ u; s+ Y
Taking action to address tough operating environment- @- C: }" i# i( Z1 n0 {0 W
BMO Capital Markets maintains "underperform", no target price reported
, ]$ K; x# @& kCredit Suisse maintains "neutral", 12-month target price is $1.00
& w" ^0 G; p* f. J4 KGMP Securities continues "reduce", 12-month target price is $0.506 G2 R5 E2 B2 X7 H
RBC Capital Markets continues "underperform", 12-month target price is $0.753 \+ M) M1 ^1 M8 Q+ b. T/ a7 f
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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l6 H2 Z, O" Q; o4 iCorus Entertainment (CJR.B : TSX : $12.47)
1 d; i f* t3 {Q1 revenues in line, EPS beat5 \) J) f6 N7 m/ P9 N2 [
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
+ H2 R2 a. m/ \+ e+ pCredit Suisse continues "outperform", 12-month target price is $20.00
7 {8 q; K8 U5 d( Q$ IDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
3 @' D. A, u7 _/ i1 ?- }- \GMP Securities maintains "buy", 12-month target price is reduced to $17.007 K+ U2 C5 ~6 d( I q( t. P
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
, P3 l- {: s( v, c# B3 b& nScotia Capital Markets continues "sector outperform", 12-month target price is $18.00! T0 ]* ]4 j" j
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Calloway REIT (CWT.UN : TSX : $11.84)/ B) I% w* ~, @8 r1 X
Held investor day4 d' W( Q! f6 l! p- w4 M7 B( K/ 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" Z* J) Z% l1 u
Reduced distributions by 38%; guided for lower capex6 ~( I% r9 l$ P. H( r
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
# ]# o& B4 y3 }1 JDundee Capital Markets continues "buy", 12-month target price is $12.00
_5 r4 O, F5 {TD Newcrest continues "hold", 12-month target price is $7.50# Z. C, k# K! h. Y! x
# M# s" W& H8 x% U. F. D% H! HEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
! K4 [. H! H, T! `, tSteady market and currency tailwind0 S9 D' o6 {# H4 Y p6 y1 H1 s! C) S
TD Newcrest maintains "buy", 12-month target price is US$5.006 G2 I0 M9 w! W: _
. c+ p" J) w# R' H6 c) P% y6 sGoldcorp Inc. (G : TSX : $29.74)1 N; y* J# P7 m' f S
Revised commodity forecasts
; B Z$ c% n [3 rBlackmont Capital maintains "buy", 12-month target price is reduced to $49.003 z! ^1 c) E! @ X1 C2 |
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Heritage Oil (HOC : TSX : $3.77)
& ^, W: v# y" ~: C u# l" O6 F. E1 ?Announced Ugandan commerciality on exploration success
0 Q' x5 Q# E4 l) J& k, Y7 ^TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50. k1 j+ m% a, H7 R# }6 b# }, ]2 G; V
) Y9 `; B( g$ p u- y3 qHarry Winston Diamond (HW : TSX : $4.98)4 h$ E. f9 d- ?/ a/ N% f$ g3 _
Retail division suffers( V% s1 N* f0 P" X! t& [; J
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)) g. N" C5 h9 W! R4 C1 L
Westmoreland provided more high grade at Redtree's Jack Lens" V) D ]3 @' G+ E1 [+ j. ^3 v! y
Dundee Capital Markets continues "buy", 12-month target price is $2.30. w" ]3 n3 o( I5 L
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Lockerbie & Hole (LH : TSX : $6.00)8 `; {' H% Q% _+ }4 D- F" m2 L/ G4 q
Released Q3/09 results: very strong, focus should be on active backlog
" y5 J/ v' y3 F8 j# H3 ~' aGMP Securities continues "buy", 12-month target price is $9.001 H @* U% D# \8 q1 p( o
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)- d" p( Y2 Y% @# @$ B1 j
Reduced distributions by 70%
- B9 @$ H' p8 G! z6 K0 \, IRBC Capital Markets maintains "outperform", no target price reported3 ?1 q8 u8 L! d. K7 g7 t( U( c1 v
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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1 D. Q" T, o8 v: w1 K4 D0 W. x6 CMatrikon Inc. (MTK : TSX : $2.04)9 Q7 Q3 y" W1 ]$ V1 R, _
Released Q1/09 results: a little light, but still respectable3 B" ^6 \- ~* h5 Z8 C& G: z
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50$ A& p/ A9 F" H! x) T' M
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
+ e9 x" x; I' Y! r4 zExpecting lower CFPU on higher taxes9 g& ^4 E" ]- p! Q. ^
BMO Capital Markets continues "outperform", 12-month target price is $18.00
* m3 w5 [0 C! S. C# K9 o- jRBC Capital Markets continues "sector perform", 12-month target price is $12.005 M7 \/ |; Z& f. I6 Y
TD Newcrest continues "buy", 12-month target price is $17.00
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( N& P2 }# R, ~5 LNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86); V. F8 D/ y% p+ ?
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
5 c" h0 G/ t) |' ~+ ZBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
7 l3 \& x2 s2 I4 ~' z7 LCredit Suisse maintains "neutral", 12-month target price is US$1.00; q7 [: n) j( n7 s
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79). \+ h! e# z+ s0 N* g; Q! w
Dietary supplement business facing headwinds& v ^3 W% `; T& N$ t+ u# m3 D3 D
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.008 A ?& `0 L& R- g7 Z ?' K- K/ S9 X
# G2 S8 Y; Z. k* ?Open Range Energy (ONR : TSX : $1.18)
1 }0 K' m: n1 o7 J5 M* ]$ T/ YProvided operational update and F09 guidance
9 {5 K+ y. R9 T; |Haywood Securities continues "sector outperform", 12-month target price is $3.25. i! L" N6 C( g, S" g
2 u8 V) Z I- @2 dOsisko Mining (OSK : TSX : $3.13)
Q6 Z) |5 B$ v: P* KSouth Barnat resource around the corner0 V6 v: f; F! \% o. u0 D& |
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)' G4 r8 Q M1 m! o
Provided operational update! _, C* _+ f, b! @: E0 a. ]! j
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.006 P$ h4 D! ^' u$ x
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50( i: ~# G, y. I# G
# u0 L8 ^$ L% A& O4 KParamount Resources (POU : TSX : $7.85)
9 l& Z/ R9 H$ [5 u7 N+ a: a. w, F4 ?) iProvided operational update: Grande Prairie emerging as the key focus for F09+ |$ Y2 ^ b% e
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
1 C; R9 w9 E) ]" ~% t6 B" Z, H |Operations starting to turn the corner U( Q/ z! ~7 E7 B1 H
RBC Capital Markets maintains "outperform", no target price reported
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* |" a! h2 x# v, k) }9 XShaw Communications (SJR.B : TSX : $20.13)2 [8 g3 R" q+ P
Released Q1/09 results: in line, subscribers ahead8 T0 L$ g1 b8 n7 [# m( ~
Credit Suisse maintains "neutral", 12-month target price is $25.50
0 C# W8 N0 x0 @% Z. yGMP Securities continues "buy", 12-month target price is $26.501 t' C. x7 s7 N1 \6 H3 P' A
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48) i/ j- ^0 j6 u \0 U
Held a sell-side lunch showcasing new U.S. team
/ I. J* r- K+ F1 uScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
2 J& S& |. u7 ^8 h0 z% t7 u0 HAwarded Russian contracts
: l% R3 q8 x/ Z+ Z- e3 }3 qBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
" i- ^" @% C# xRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00' L/ X3 H- j0 p. N! J6 E- i
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00: [1 M$ F: c5 J* e2 V% N/ F/ P
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Sino-Forest Corp. (TRE : TSX : $8.93)* F! W/ Y# P, d7 s% }
Chinese furniture exports rose in November
4 \8 W0 I8 }1 g5 o2 nDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)% M6 M. c, {% a5 Q# j7 X+ m j" g
Shea Creek's two largest deposits have become one/ ^0 P' g% Y' D; a2 ]
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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! S5 ]1 y) n5 z6 x c5 xVero Energy (VRO : TSX : $4.72)
% T4 S* p' [/ U1 V( zReleased Q4/08 results: horizontal focus to continue in F09
: V2 U' l- j" r& n9 n1 }Dundee Capital Markets continues "buy", 12-month target price is $8.00* f' \, ^0 s0 n; W9 x( w- L
GMP Securities continues "buy", 12-month target price is $7.50% m6 a+ _& ~0 Z4 H4 P( |3 _2 ?
Paradigm Capital continues "buy", 12-month target price is $12.00
( `7 O7 f& _1 Z+ k) @ ~+ c; [RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
5 R' y! |# d* _% M1 b& @; M6 O6 cHit homerun with Samsung# H' o) V8 f2 e4 `2 N
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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