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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)& Z8 R5 b6 C7 |! k
Bracing for a tough few quarters
) {# L: v1 O3 b; W, {; sCanaccord 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)
2 o+ l/ t6 F' o8 G: R+ D( HGrowth outlook, challenging pipeline and high cost structure make future unclear
- @0 v" E7 E2 H5 A" d+ V/ h1 tBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
0 _& O7 ~( x$ ]TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.001 B6 Q* p# T3 r; X, T G
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Astral Media (ACM.A : TSX : $22.98)
G( A0 t) e0 ?$ x4 t4 F1 I) ~Released Q1/09 results: strong, in light of challenging operating environment
: a" ^* e6 y/ Z% L7 xBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00; c+ e# n1 C) E& w6 C% B7 [+ {
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00$ l$ |$ e, `7 H$ H$ h- N# o; H
GMP Securities maintains "buy", 12-month target price is reduced to $30.00/ O9 l( \) o( l5 W2 D4 B$ j5 S
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
: I% e: z6 D% r! I5 C9 _Scotia Capital Markets continues "sector outperform", 12-month target price is $30.008 \' J# o* T( K& a1 G& r& r
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)9 _2 D( |( Q j* A6 Z
Well positioned with gold production forecast to double this year and next
: }" z. \' h( N- \/ GBlackmont Capital continues "buy", 12-month target price is lowered to $83.00+ ]! G; S5 c$ P; W
TD 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)
/ y. G: `/ j& M5 c/ MReduced distributions by 20%; capex also cut
/ C% w9 l/ Y2 w1 L- Z* b" e9 ~RBC Capital Markets continues "outperform", 12-month target price is $19.00
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$ M; j! {* `9 F! _, o/ E( Z. |0 aAndean Resources (AND : TSX : $0.75)
z& C' \- ^. W! H. K. aAnnounced F09 outlook
' V% ?+ `% _% |6 nParadigm Capital continues "speculative buy", 12-month target price is $2.258 G) [! j7 u. C6 y5 j7 P
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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. c+ x+ I) i6 p, ?: ^, S, r8 l. JBombardier Inc. (BBD.B : TSX : $4.65)( ~$ l: W d& E9 F7 f7 }& W
Rising challenges in Aerospace: E2 ]( x3 c1 y: P( ^ u1 C% b
GMP Securities continues "buy", 12-month target price is $8.00
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7 Z, e3 V7 C/ t3 u5 K1 e& Z: FBank of Montreal (BMO : TSX : $31.84)
9 G5 l @4 ^0 H9 V) b E* d. O7 M+ GAcquiring AIG's Canadian life insurance business
! i+ X7 p9 Q" \) e x' KTD Newcrest continues "hold", 12-month target price is $37.00: k( b* r+ W$ t D( e- G
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Cogeco Cable (CCA : TSX : $33.37)+ z; ?# ]7 ]( J6 T7 S1 A: P
Q1 review: Canada results encouraging, but Portugal remains a drag
* B" [; r0 t) c: D' w! ]: zBMO Capital Markets maintains "outperform", 12-month target price is $46.00
: A0 ?) p0 K4 b3 K( ODesjardins Securities continues "top pick", 12-month target price is $40.006 _; }' u9 e9 A+ ]
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
9 @: D M- s0 E8 |! z! ^$ |Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00: h6 w( u9 p& w% q, x
! W+ a1 M3 h- B: m' h# lCorridor Resources (CDH : TSX : $2.45)
2 @$ w+ z1 `% s/ e- LCapital budget set to expected cash flow; production guidance lowered
0 V& \; Q( \2 z# K- M2 b* sRBC Capital Markets maintains "outperform", 12-month target price is $4.25( o0 F& g3 G) v2 N! M" p0 L
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COGECO Inc. (CGO : TSX : $25.14)! R1 G9 z/ u$ g# X% q$ C
Strong radio and cable drives 39% EPS growth
T$ } H& x3 H+ hScotia Capital Markets continues "sector perform", 12-month target price is $45.00! e2 L/ O# P" V3 Z) d
, a+ J; L$ f& a* X* k3 tCanWest Global Communications (CGS : TSX : $0.51)% d ~# P1 `/ U2 b1 b
Taking action to address tough operating environment
7 I6 f5 `# L! C2 Q) \5 h) m) v7 lBMO Capital Markets maintains "underperform", no target price reported
! t5 m8 V! p2 R: B! R8 N% uCredit Suisse maintains "neutral", 12-month target price is $1.00
# b" E3 K! x A8 vGMP Securities continues "reduce", 12-month target price is $0.50% N0 A$ O" ^, e
RBC Capital Markets continues "underperform", 12-month target price is $0.752 t, J6 g' I# M/ a
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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0 y) D& m9 g- I7 Q' g1 r& ?1 Q& g% @- a! NCorus Entertainment (CJR.B : TSX : $12.47)0 K% G+ C" v( n' b3 r1 b
Q1 revenues in line, EPS beat0 |- m( d' P* Q2 f4 A; Q% Y
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00( h5 n6 p0 c' X6 `: M
Credit Suisse continues "outperform", 12-month target price is $20.00: ~3 O8 }& D/ H
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
7 e/ k$ u$ `( s* n0 s s' QGMP Securities maintains "buy", 12-month target price is reduced to $17.00
/ F* r7 A, F/ z* a7 E/ x3 v9 RRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50# C- O, Y) M7 H6 h
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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* u' g; S% q. D0 A- pCalloway REIT (CWT.UN : TSX : $11.84)) P. r+ r y# R# }* g: R
Held investor day
$ D+ L- X8 i4 X) t: }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)- L# Q& g& g ]! }& H
Reduced distributions by 38%; guided for lower capex
+ J& ]: V/ m( C8 FBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
& k+ _3 F$ l0 B3 ?Dundee Capital Markets continues "buy", 12-month target price is $12.003 g/ b+ U! k) g/ R% P- @8 d
TD Newcrest continues "hold", 12-month target price is $7.50" z U. @! d) f' Y1 Q
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)3 d0 B$ M6 `( E5 d5 O1 d
Steady market and currency tailwind8 {5 M0 r' t H4 }. k' y
TD Newcrest maintains "buy", 12-month target price is US$5.00. r1 c' ~6 |0 G% F
s/ V1 h, M. x5 E5 tGoldcorp Inc. (G : TSX : $29.74)
. [# O3 E$ ]# R$ XRevised commodity forecasts4 L2 w9 Q4 H9 R9 B7 T# n
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)3 M1 J4 \+ M& Y; z9 o
Announced Ugandan commerciality on exploration success
$ ?' J7 R+ v# q" c- XTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50* g5 S8 C e4 K( I* @) P
/ f j" Y. D( o# ?, x, kHarry Winston Diamond (HW : TSX : $4.98)
4 v. [# { S) Q2 q1 K4 tRetail division suffers" g6 j: g7 [$ J
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)- Z- ]- o. R! Y9 }' [
Westmoreland provided more high grade at Redtree's Jack Lens
( q0 F" Q# c2 T# S9 ^8 aDundee Capital Markets continues "buy", 12-month target price is $2.309 ?0 g1 m6 g) e8 y8 }+ r
7 A! \# j& j8 h6 n0 nLockerbie & Hole (LH : TSX : $6.00)
: \8 m- W: g5 R9 OReleased Q3/09 results: very strong, focus should be on active backlog. J- s9 q- n. p# I% l. ?; T
GMP Securities continues "buy", 12-month target price is $9.00
7 a3 {* S2 L% w7 U9 E6 U+ G/ ^+ xRaymond James maintains "market perform", 6-12 month target price is $8.253 Z1 b" Y1 h& F0 q2 R9 s1 m- Z
4 U6 m0 P$ G9 F% N$ X& k* a+ O- @* oLivingston Intl Income Fund (LIV.UN : TSX : $6.00)$ y8 l2 b5 a- D# ~8 {$ |" {
Reduced distributions by 70%. l! a5 S* F$ j$ I4 N% ^0 X( S
RBC Capital Markets maintains "outperform", no target price reported4 B5 }; n* p& I8 h
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)+ `( R2 E" [2 b Z$ v
Released Q1/09 results: a little light, but still respectable
# O0 x! u* G4 h- @) [! p& tBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
- c$ k6 l8 q1 u5 G9 U* ~; [# WParadigm Capital maintains "buy", 12-month target price is $4.00' U5 V& ]- K A9 p6 s
1 h1 b; K' C- A4 hMullen Group Income Fund (MTL.UN : TSX : $10.97)6 I5 d, d! C5 m3 Z* Z% f! _8 c. @: y
Expecting lower CFPU on higher taxes
6 @ b$ c4 I9 u, m. X5 O0 [BMO Capital Markets continues "outperform", 12-month target price is $18.00( B4 L7 U7 X+ T& d" t7 [& b- d
RBC Capital Markets continues "sector perform", 12-month target price is $12.00& H' H! P1 e4 I$ w+ f4 V, A
TD Newcrest continues "buy", 12-month target price is $17.00; n" z3 E- T9 t' `" N& o
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
4 H$ _; z- Y2 M& @6 o% sReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
6 I- e U+ F* f: Z, _) t: QBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
+ x8 e! E5 j- t9 p: ]3 j d* qCredit Suisse maintains "neutral", 12-month target price is US$1.00! Y4 x+ R: T# M6 v
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.804 `+ T( H0 l* n% K* s7 l) t% c
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)2 X6 T- K+ o5 \8 K. m' a/ ^# U7 i
Dietary supplement business facing headwinds; }( g3 K5 U! N$ A1 }4 N9 `1 F+ s
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00' `; {& L9 w4 r8 V L
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Open Range Energy (ONR : TSX : $1.18)% y. L q7 B9 @$ Q$ O% `
Provided operational update and F09 guidance
% F# w: x/ }& ~' JHaywood Securities continues "sector outperform", 12-month target price is $3.25. b0 R9 V3 i" g0 h. S
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Osisko Mining (OSK : TSX : $3.13)
) G9 l0 ] k! z7 E r0 eSouth Barnat resource around the corner8 j6 W' N$ z L$ \& f- B
Paradigm Capital continues "speculative buy", 12-month target price is $4.75* h0 g- |% \- ?
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)* {; T0 a. [7 Y5 o J* K
Provided operational update9 l% A9 \+ |3 y4 r) i
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
0 J; B* f# I: y. j; A" rTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.503 S2 h( L I( e4 ]5 b2 z" D8 {
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Paramount Resources (POU : TSX : $7.85)8 h+ R* R1 p! ~. T2 n1 [! p
Provided operational update: Grande Prairie emerging as the key focus for F09: i8 W! u& R2 U4 w
GMP Securities maintains "buy", 12-month target price is $12.00- b% ~6 _6 N5 ]2 R* U2 h# q
) x4 E; W1 y! ?: E& S6 D& pRockwell Diamonds (RDI : TSX : $0.07)
0 W0 y6 l! e$ X1 p/ C" JOperations starting to turn the corner$ k% @( u" W$ B+ r3 O0 O
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)4 r6 k7 W& h4 L
Released Q1/09 results: in line, subscribers ahead
5 X) s5 N0 c$ P5 |+ q7 B: C# P6 SCredit Suisse maintains "neutral", 12-month target price is $25.50
- M. H! w1 W) y7 J6 H4 k. `& w2 }2 sGMP Securities continues "buy", 12-month target price is $26.50( [6 L# R& J( v o" t' l
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
: n; }4 U. ~& R: _4 h8 eHeld a sell-side lunch showcasing new U.S. team
1 u( y$ Y8 h v0 R( z' HScotia Capital Markets maintains "sector perform", 12-month target price is $33.008 \6 _7 C" e2 F' n' k, ` u
- c! A9 C5 [, I w% k8 {1 {7 fTrican Well Service (TCW : TSX : $6.93): A/ B, W) v# F0 H
Awarded Russian contracts. b$ i x7 w2 H+ J- Z
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
2 E/ I, V& g. ]! @1 GRaymond James maintains "market perform", 6-12 month target price is lowered to $9.005 }3 G/ P% }2 p; [" u' b. ~
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00! v7 }$ s3 G! ]
: }+ `. s/ b, r+ \Sino-Forest Corp. (TRE : TSX : $8.93)
8 u4 a ^2 i4 M5 t; yChinese furniture exports rose in November9 y' m* H( _" k- Q3 d) I/ `9 { _
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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. k& v, M0 \5 a+ v: |" i& ?! `UEX Corp. (UEX : TSX : $0.88)) X9 m( ]+ J5 f' s
Shea Creek's two largest deposits have become one
. G/ @( D9 _8 ?6 b7 _& GDundee Capital Markets maintains "buy", 12-month target price is $2.75* d4 y! z4 v2 U- j
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Vero Energy (VRO : TSX : $4.72)8 Z* Q+ f6 h( G% M. S! G2 ]; ~
Released Q4/08 results: horizontal focus to continue in F09
/ A' H c# `" UDundee Capital Markets continues "buy", 12-month target price is $8.00# b; d2 c* U) m" C, p+ H- ~
GMP Securities continues "buy", 12-month target price is $7.50
: v$ z5 H* @& s& R* d4 o m7 |Paradigm Capital continues "buy", 12-month target price is $12.00' b# x) b# F. {- }, \2 @2 c r
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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7 c7 d: J" L A! C2 x) s/ V( yWi-Lan Inc (WIN : TSX : $1.75)
% f5 B' @$ G# a. n c% AHit homerun with Samsung$ u( {5 L6 s" ?! O1 c0 A
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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