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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)' n7 w2 ]( w' L. ]. _0 ]1 R1 Z4 g
Bracing for a tough few quarters2 }! q! j: }& O: |
Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)% d. [+ P$ Y1 u) E% x& U a
Growth outlook, challenging pipeline and high cost structure make future unclear
5 ]6 M2 E: f8 K* N1 z9 G7 |" P% [Blackmont Capital continues "hold", 12-month target price is lowered to $48.00; q( y# x4 S! F' Q# g: ?: k
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.008 C+ w8 N z% w
6 m# o+ _( I) M1 {2 N8 h/ ZAstral Media (ACM.A : TSX : $22.98)
5 K/ l7 r7 R4 |Released Q1/09 results: strong, in light of challenging operating environment
- d5 A V t5 M5 Y4 U9 x- MBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
; L/ t/ j1 r1 Q) N! P% ~1 rDesjardins Securities maintains "buy", 12-month target price is slashed to $28.005 r$ j6 e8 s$ A
GMP Securities maintains "buy", 12-month target price is reduced to $30.000 C( ]3 ^3 i; V" {4 Y
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00$ W# B7 W6 L+ [& }4 z* c8 x- K
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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. g* a* d( ` _: }6 v2 nAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
8 w; ~6 k, u3 y3 v0 G. wWell positioned with gold production forecast to double this year and next- ?6 _: M3 s. k9 a
Blackmont Capital continues "buy", 12-month target price is lowered to $83.003 g1 l4 V" }% q# A( M
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.003 d3 E7 l; j4 \$ m# a2 p% q
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ARC Energy Trust (AET.UN : TSX : $17.15)8 l% L- D- N: G4 ^1 J1 e* M8 |! ^- b
Reduced distributions by 20%; capex also cut
: x; [( L& r; a' \+ rRBC Capital Markets continues "outperform", 12-month target price is $19.009 |5 Z& ^/ y9 {9 C- X; L
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Andean Resources (AND : TSX : $0.75)4 l' O/ B! v V' C+ |3 Z5 J. u
Announced F09 outlook
9 R0 c1 p" T6 hParadigm Capital continues "speculative buy", 12-month target price is $2.25
$ r' g. n( T* B* YTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)8 S, ~6 Y: [+ |7 l3 {
Rising challenges in Aerospace P& i- O3 n, F1 w* b
GMP Securities continues "buy", 12-month target price is $8.000 Y1 o. o8 X, m6 V$ p
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Bank of Montreal (BMO : TSX : $31.84)
1 T8 j* H) x, C& ], L9 t7 xAcquiring AIG's Canadian life insurance business; V& U. p9 H- h$ \' l4 j2 Z o
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)5 b$ N/ ], }5 r
Q1 review: Canada results encouraging, but Portugal remains a drag0 U: g$ b% ^& d% a0 s, Q* g. _
BMO Capital Markets maintains "outperform", 12-month target price is $46.000 d$ e' ]7 c7 M) r$ O* H) S
Desjardins Securities continues "top pick", 12-month target price is $40.00
1 S u: c& F6 d$ e, r( h* SRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
( D7 D4 t3 G! n) k% C: `Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00, v# D- N* \/ o5 }+ `
2 \2 z/ Z& M0 b/ U5 D( S( K# jCorridor Resources (CDH : TSX : $2.45), \% Y# u% A0 R% a
Capital budget set to expected cash flow; production guidance lowered9 ?" J. L- \3 f! X! n
RBC Capital Markets maintains "outperform", 12-month target price is $4.254 |) g- l% g' p9 J; W2 d7 L
1 Y& G) ~9 ]3 k5 L% w. VCOGECO Inc. (CGO : TSX : $25.14)
4 f4 [- e( e2 ?( Y( [# w, LStrong radio and cable drives 39% EPS growth
( j+ h4 L, P" C4 e! U3 qScotia Capital Markets continues "sector perform", 12-month target price is $45.007 k" s7 X# _3 _. G8 a
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CanWest Global Communications (CGS : TSX : $0.51)
. \( d. {# j( m/ ^+ NTaking action to address tough operating environment" J% s0 e) W. P1 f4 _2 {, A
BMO Capital Markets maintains "underperform", no target price reported& x! r/ J( l+ L
Credit Suisse maintains "neutral", 12-month target price is $1.003 W8 G P+ |" d/ M
GMP Securities continues "reduce", 12-month target price is $0.50, t, m8 K' l. l8 z) i% i( o M
RBC Capital Markets continues "underperform", 12-month target price is $0.75
8 e% w7 Z/ K0 v6 R3 }# `. hScotia Capital Markets continues "sector underperform", 12-month target price is $0.50# k& j- C0 g2 e% _9 d) a! H$ ^9 @
+ z/ O a+ w1 w6 e9 |. {* q* ICorus Entertainment (CJR.B : TSX : $12.47): f" Z, n, b W* o' q$ M
Q1 revenues in line, EPS beat
. E3 ^/ v4 `; [6 M% H+ Q% h7 DBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
) I" S: |# h" g& f( M/ e2 tCredit Suisse continues "outperform", 12-month target price is $20.001 ]( W7 M5 M! }( k
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
! y% o5 a9 U/ K+ D5 g% AGMP Securities maintains "buy", 12-month target price is reduced to $17.00: O$ B- ~1 e" K' d- E7 S1 ?
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50; x# D; B. }, x% n: N# w8 U
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.006 B2 V0 _! L8 Z8 m8 ~) y0 @
' E" i0 c6 ^( J B' YCalloway REIT (CWT.UN : TSX : $11.84)
8 X* B5 u+ D/ y/ H5 k' i' X7 N$ x$ xHeld investor day
0 R5 Q$ J- \0 m! |4 ~) r9 o% o# |Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)) W: P2 Q; c5 V9 x0 [9 e6 z+ d
Reduced distributions by 38%; guided for lower capex
; _ v& m/ ?5 h/ h5 R$ B& c* u$ ^BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00' Q! P# _& V- d& V# e1 F) s
Dundee Capital Markets continues "buy", 12-month target price is $12.00 I6 u# G* @! v: J: R# E$ e
TD Newcrest continues "hold", 12-month target price is $7.502 `: n! K' T. C
/ x; d5 s% A0 G- r7 \3 [- J. R& B/ wEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)% T! m; q, V: j/ i% W
Steady market and currency tailwind- P# C9 `! Z2 u9 g
TD Newcrest maintains "buy", 12-month target price is US$5.004 R' N7 z8 R6 B! f
$ |& m9 J5 }" l, K) A) n: }/ nGoldcorp Inc. (G : TSX : $29.74)
8 @* z8 i2 Q6 U, B$ y4 DRevised commodity forecasts
+ y. m- b3 \* O& d- _Blackmont Capital maintains "buy", 12-month target price is reduced to $49.003 o. j, Z2 c; d% q1 v1 F) |
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Heritage Oil (HOC : TSX : $3.77)* M# ^" K5 N% {' i' e
Announced Ugandan commerciality on exploration success
0 W7 K& Z0 i; \2 kTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50/ v. M/ D8 i+ s& V* y$ B C& |
' _/ U6 i. @4 G2 D) |Harry Winston Diamond (HW : TSX : $4.98)
3 N6 C! Y# _6 c, G2 Z+ g$ mRetail division suffers/ k; W# f. q% A& U* O* @
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
/ j4 I! a2 A7 kWestmoreland provided more high grade at Redtree's Jack Lens
/ P$ @: b0 b" B6 q6 N" ODundee Capital Markets continues "buy", 12-month target price is $2.30
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8 r( t9 o! u. G$ V1 o- o4 K$ TLockerbie & Hole (LH : TSX : $6.00)
+ h1 }1 _/ g8 e0 d7 xReleased Q3/09 results: very strong, focus should be on active backlog4 X4 ?2 _# S% W$ K/ u
GMP Securities continues "buy", 12-month target price is $9.00
) W* a6 y$ X: @Raymond James maintains "market perform", 6-12 month target price is $8.25
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0 T* z0 f; q8 D' T- t5 x9 ]! }Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
) u1 h) A1 _: H: E. x1 nReduced distributions by 70%
1 q7 b) |" n% B( E( t% IRBC Capital Markets maintains "outperform", no target price reported
" h) b# U4 O9 g, Y$ ~Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50) }! T( J2 Z/ O3 r/ y _6 m' ^
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Matrikon Inc. (MTK : TSX : $2.04) o5 T) \, M: f* m4 V/ W; [/ M
Released Q1/09 results: a little light, but still respectable, s- B4 l" z0 A- Y5 `' u* L
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
( l. b( [% l& X$ f- z6 s$ OParadigm Capital maintains "buy", 12-month target price is $4.00& B' u' a. \2 ?4 r% b {/ B- w* _4 o
9 |% Q1 T f7 m" @" B- ^" xMullen Group Income Fund (MTL.UN : TSX : $10.97)
" w% y$ O, _ X" D$ MExpecting lower CFPU on higher taxes
% g7 h7 k+ [+ [ l9 K: M6 zBMO Capital Markets continues "outperform", 12-month target price is $18.00( v; \8 F1 y* B/ P8 H, Z
RBC Capital Markets continues "sector perform", 12-month target price is $12.00; `4 T! K" x: k1 Y* }1 i' @1 f& d
TD Newcrest continues "buy", 12-month target price is $17.00! P D9 z5 }( O% W$ w! G6 O
$ P" d$ O) b8 U- y- ^4 [1 f& |/ _8 aNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)8 v* w: J& n1 ~, v3 K0 i1 m
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
0 c" z# Y/ l" W: [3 B; P) nBlackmont Capital continues "hold", 12-month target price is reduced to $1.25: u! m: O* K9 h* ^
Credit Suisse maintains "neutral", 12-month target price is US$1.00
% D& N. B* T1 O7 ^Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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) z( f+ _4 `0 Z0 J4 ?% l' c, Z2 @Neptune Tech & Bioresources (NTB : TSX-V : $0.79)1 V4 w! ^/ \* e, c5 A
Dietary supplement business facing headwinds
3 [7 j: i, ]- x( F9 ^4 }Paradigm Capital maintains "buy", 12-month target price is reduced to $4.003 F- L, _# Q2 r8 L; J; b' l7 h% u& h
8 K& _: d4 g, l# }+ q# [Open Range Energy (ONR : TSX : $1.18)
+ c9 C$ Y: T6 ^' O: f+ GProvided operational update and F09 guidance
8 i, }+ {1 P' G G/ MHaywood Securities continues "sector outperform", 12-month target price is $3.25& k) x9 M- W4 Z! J% l: T5 d
$ ?# @ d& ]) W1 fOsisko Mining (OSK : TSX : $3.13)4 M- x7 M, _% t& o
South Barnat resource around the corner& j: |5 I# i" M. f
Paradigm Capital continues "speculative buy", 12-month target price is $4.75% t% T! U! S$ \/ S9 ~, e
- d: ~/ t; U; O2 F" k/ r! m& g7 ^Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75). g; P9 g8 F9 a; u* a# |
Provided operational update' P) H( r2 v5 Y% I3 t
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
- e; V" d }8 ^7 ]1 h, ~TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85) }2 z( b0 j( e u
Provided operational update: Grande Prairie emerging as the key focus for F099 L0 H4 Z2 A, Z$ T- W& B6 v
GMP Securities maintains "buy", 12-month target price is $12.009 E/ Z W9 b0 c+ v, c% w& m$ ~
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Rockwell Diamonds (RDI : TSX : $0.07): q C3 m# n" C3 n# ]7 u
Operations starting to turn the corner
9 o! m) O0 L. x/ WRBC Capital Markets maintains "outperform", no target price reported
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7 J1 F% u; S! X3 k1 oShaw Communications (SJR.B : TSX : $20.13)8 T+ v2 h9 n' |
Released Q1/09 results: in line, subscribers ahead
6 I$ x8 m9 g- B8 h3 Y2 ^* S- kCredit Suisse maintains "neutral", 12-month target price is $25.50
; P) j8 j F- ~- C2 l, z+ nGMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48); a+ z' C$ h2 S1 a
Held a sell-side lunch showcasing new U.S. team' O6 N7 ?1 n" j- p* y
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00" j& N9 ^+ J8 s& D) `: e4 M
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Trican Well Service (TCW : TSX : $6.93)
" ]2 ^* C) P( wAwarded Russian contracts' `/ T R0 T, v9 a3 u1 T' E4 T
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
0 k, E) w+ u1 I& O4 ~- hRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00/ j7 r2 [. a. X! z e4 c7 M
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00* P7 V# ?8 G2 S8 Y0 V
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Sino-Forest Corp. (TRE : TSX : $8.93)
9 |( a( ]7 \: g* E! ?1 mChinese furniture exports rose in November: s' u$ K6 F" b% F( m7 u, n
Dundee Capital Markets maintains "buy", 12-month target price is $23.50) o- {2 M" F; I$ P6 f3 e3 Q; I( ~
8 n1 }2 D! ]/ Z" f, N* EUEX Corp. (UEX : TSX : $0.88)1 W; s% e" z" {( a3 T/ _: i
Shea Creek's two largest deposits have become one" n' k. K; |2 X |& n# y4 H
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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$ k6 B+ j! _* j/ V5 [$ NVero Energy (VRO : TSX : $4.72)
/ C7 o5 h: M& e/ n+ {. C$ h5 L PReleased Q4/08 results: horizontal focus to continue in F09, @2 {' B/ ^- _. `7 @! v% D
Dundee Capital Markets continues "buy", 12-month target price is $8.00
Z/ _) T# L* S6 Z8 [% GGMP Securities continues "buy", 12-month target price is $7.50! H$ t) {+ d) f8 K1 s( g# F
Paradigm Capital continues "buy", 12-month target price is $12.00
: V. Z% Q6 G. v1 E. `. b& t* IRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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+ I% ^+ l* S% C8 GWi-Lan Inc (WIN : TSX : $1.75)
6 {2 A2 Q6 F* O. CHit homerun with Samsung1 }8 G' K9 ^: S$ W% a0 T
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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