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Ear on the Street --- Jan. 16 2009& X/ R5 A+ A9 Q S5 Z9 ?
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Absolute Software (ABT : TSX : $3.36)
# T8 Y O5 I6 f! X& D, IBracing for a tough few quarters4 M2 q0 A: M9 I3 M$ y0 H: F! R
Canaccord Capital maintains "hold", 12-month target price is $4.50. W- z) _3 y# ?5 l
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)$ T: i& f! r, u l
Growth outlook, challenging pipeline and high cost structure make future unclear
7 y2 e& g4 T, Y, vBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
: G6 K$ ~* |# Y& q" r; @) z/ y! ?TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.005 y% d2 i0 U. S1 L6 K
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Astral Media (ACM.A : TSX : $22.98)
& q+ Y* C# O4 ?0 T4 \Released Q1/09 results: strong, in light of challenging operating environment: x$ [: m9 S5 u: a" x+ s
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
4 T$ D+ j" E" xDesjardins Securities maintains "buy", 12-month target price is slashed to $28.001 b) c9 I5 e8 R% B) d/ o
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
, C$ ?1 Z$ l6 b* ?- qRBC Capital Markets continues "outperform", 12-month target price is raised to $31.000 S: N- d, l7 h% [
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
/ ]$ H% \' Y1 X2 yWell positioned with gold production forecast to double this year and next: [( ?0 p2 V. R
Blackmont Capital continues "buy", 12-month target price is lowered to $83.000 C7 N" j& U! S' x
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)
; ]* s- J l4 s/ U) vReduced distributions by 20%; capex also cut! n0 D2 X: L4 Y4 D# p( n
RBC Capital Markets continues "outperform", 12-month target price is $19.00) ]; p5 K; l9 k6 w- p. T3 T
0 C" }; O% Y4 I& ?1 HAndean Resources (AND : TSX : $0.75)7 j' y# j# a6 ^* n3 Y: l
Announced F09 outlook8 _) c) X' k/ t$ Z. C
Paradigm Capital continues "speculative buy", 12-month target price is $2.25" z' T7 m) t$ M9 X9 i; d8 i# b
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00. L, T+ N# x# n0 ? x: R
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Bombardier Inc. (BBD.B : TSX : $4.65)0 U: h( G' w5 @" M
Rising challenges in Aerospace
8 U8 U7 h; H# j) |4 e' {( yGMP Securities continues "buy", 12-month target price is $8.00) c+ R% e3 w9 a9 R& j- e& ~
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Bank of Montreal (BMO : TSX : $31.84)& ^! h- U1 v% ?* r1 N/ j. b
Acquiring AIG's Canadian life insurance business6 R' x( u# |5 C7 x5 Q
TD Newcrest continues "hold", 12-month target price is $37.009 M& ^. ]6 F. ^7 v8 J7 X
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Cogeco Cable (CCA : TSX : $33.37)
( q( ?9 a3 {* K* {- m/ W3 m) NQ1 review: Canada results encouraging, but Portugal remains a drag s" M4 j/ Z8 T( L# c F
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
7 ^& h+ x$ s- d( R, eDesjardins Securities continues "top pick", 12-month target price is $40.00" W8 w' W. {! e8 l+ K+ S
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
. O0 x% O9 q+ X4 R+ K% u+ D# wScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
" V; P" ? H3 TCapital budget set to expected cash flow; production guidance lowered
% `8 w* x( X- {! ERBC Capital Markets maintains "outperform", 12-month target price is $4.25! B, b4 W" j3 v" V: d; Y( v5 q5 |+ D
4 ?5 F( h/ ?5 `. R$ N' I, R$ W7 ICOGECO Inc. (CGO : TSX : $25.14)7 B* R G* g0 S" o% V
Strong radio and cable drives 39% EPS growth
5 j, l' _- H$ _% K" K( DScotia Capital Markets continues "sector perform", 12-month target price is $45.00; b! F$ z+ B+ {0 N& }
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CanWest Global Communications (CGS : TSX : $0.51)7 q# g9 H* Q, X% Y n
Taking action to address tough operating environment' o% h7 X4 T* z$ z' h/ l2 q
BMO Capital Markets maintains "underperform", no target price reported) ?, h; h" k5 \$ A
Credit Suisse maintains "neutral", 12-month target price is $1.00
! }5 h' m. l ~1 l9 c$ hGMP Securities continues "reduce", 12-month target price is $0.50
?! A% f. M: z2 J- | d: {1 z8 @RBC Capital Markets continues "underperform", 12-month target price is $0.75
# M$ X/ a+ g. v* }# oScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
9 w. m: G) p# H! R3 O' ]. rQ1 revenues in line, EPS beat( \4 D/ K2 s1 W: w1 y6 A6 Z7 f& J
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
; n" m l/ J1 k, k3 e; A$ s8 W9 KCredit Suisse continues "outperform", 12-month target price is $20.00
+ U5 N/ J2 N. u+ n. {) q& B6 `Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00# y7 O! t2 m9 w' K
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
( h# D" c: J4 M$ x( VRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
& B+ f: \4 W7 `3 F6 g% y8 \8 h& kScotia Capital Markets continues "sector outperform", 12-month target price is $18.00) l# T" h8 z9 [& w! v) y9 M
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Calloway REIT (CWT.UN : TSX : $11.84): J& o6 y9 z, M
Held investor day7 h3 r* ? f; G: @
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)+ Q# h7 Y' A+ S. M9 @
Reduced distributions by 38%; guided for lower capex) ~$ x" \. u% Z) E) C3 H8 L
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.000 b- E5 f9 B& k2 x( N$ E6 _
Dundee Capital Markets continues "buy", 12-month target price is $12.00; D" G9 z- z9 y4 a3 L/ x4 }) C
TD Newcrest continues "hold", 12-month target price is $7.50# C; Z* n V- O& ?' V5 h) p! V2 U6 @
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90), e ]. \) o. e
Steady market and currency tailwind
: J/ D/ Q2 }) d. @: r3 N3 D( t1 OTD Newcrest maintains "buy", 12-month target price is US$5.006 }( Q2 f& ]: m( N9 ~: R ?
& M- j& n' a G+ ~* f( pGoldcorp Inc. (G : TSX : $29.74)% j6 h" t( y* R7 n- E- @! @
Revised commodity forecasts5 X/ k% K# g$ q
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00$ t. e) j9 x1 T' t. ]3 |7 l
6 Y" C2 K- |3 Q* P9 fHeritage Oil (HOC : TSX : $3.77)' J* i; D. \' r( [" r
Announced Ugandan commerciality on exploration success
' i. k- m9 X8 Z/ M8 [ ?TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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4 g" `3 n8 |7 KHarry Winston Diamond (HW : TSX : $4.98)
/ `; `8 Q) u4 [( CRetail division suffers
" S0 z: [. P# U/ y' Y2 bDesjardins Securities maintains "buy", 12-month target price is $12.60! _6 m) I. q, k! u& @
# v4 n8 z* O* B9 ]/ {2 wLaramide Resources (LAM : TSX : $1.84)
" a& s! u7 J+ h2 g( [4 @, w7 I( dWestmoreland provided more high grade at Redtree's Jack Lens& g! D1 b. b( ?6 n0 |% k
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)5 z& _3 L# A! q8 x* Z
Released Q3/09 results: very strong, focus should be on active backlog7 s3 e5 Q! ~4 `% q) N0 o
GMP Securities continues "buy", 12-month target price is $9.00( ~! Z3 Q9 ]( q1 _# N1 k
Raymond James maintains "market perform", 6-12 month target price is $8.255 k& d6 b# z Q) i9 p) E
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00) \& v' n2 w& V% h
Reduced distributions by 70%, s# {% t6 r: L+ K: ~! f
RBC Capital Markets maintains "outperform", no target price reported
2 W2 T, |( U8 K6 g/ @8 a6 JScotia Capital Markets continues "sector underperform", 12-month target price is $6.50; f# V- Y! f' s( S% G7 R
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Matrikon Inc. (MTK : TSX : $2.04)
7 B, R, X+ e2 W$ l) f: QReleased Q1/09 results: a little light, but still respectable
# O# s3 J( l3 }. Y; @' jBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
x7 ^6 l& k2 Q9 D8 O/ {Paradigm Capital maintains "buy", 12-month target price is $4.00
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4 i) w6 _0 m4 E7 OMullen Group Income Fund (MTL.UN : TSX : $10.97)
, n# x4 z f6 d& _% g7 R9 @Expecting lower CFPU on higher taxes. r7 {7 A4 c6 n+ C5 k- u1 p
BMO Capital Markets continues "outperform", 12-month target price is $18.00& g. B/ N1 w& @3 S
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
& {# ?, A! B3 y. X% k: @TD Newcrest continues "buy", 12-month target price is $17.00+ O& v F. a8 ~& |0 g( |9 Y
' D# B% ?+ @8 pNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86), _: y: @7 |& d W% g8 \$ }
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain9 R4 P& Q# @4 n& P. X! W3 c
Blackmont Capital continues "hold", 12-month target price is reduced to $1.252 b+ Z: K5 t- ?
Credit Suisse maintains "neutral", 12-month target price is US$1.00
- \2 I7 i; w/ W% i# s0 y, U4 pScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80% Y4 i$ [6 }1 C3 Y$ a4 ~5 C- L
3 i$ m+ P/ a1 i/ k% ^ z, A. fNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
# v9 [6 F5 ~- m5 o$ oDietary supplement business facing headwinds) J0 V: x; j' P. k& Q- Q
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00- ]( [1 ^- E+ o1 {; S! R
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Open Range Energy (ONR : TSX : $1.18)/ ?2 u+ l: S. ?: {. O! G+ c9 e
Provided operational update and F09 guidance
7 g0 S& W/ c1 K7 hHaywood Securities continues "sector outperform", 12-month target price is $3.253 Y- K3 ?4 F! ^+ M; o6 ~% ], p
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Osisko Mining (OSK : TSX : $3.13)8 M8 j4 g& N# P# m# y4 m4 ]* q$ z
South Barnat resource around the corner; w2 `5 w- {2 i0 G5 K
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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% m7 w& w' N) D7 fPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)' F' H# W" f5 E& A
Provided operational update& |; B& j. c$ C1 q
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
+ K5 e; H: M2 I/ ]8 x, PTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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5 F! Z# e8 e: W' a. pParamount Resources (POU : TSX : $7.85)6 G$ \6 p+ g% ?7 u3 j0 D5 A/ a6 {
Provided operational update: Grande Prairie emerging as the key focus for F09
8 a1 ^* j% _: }' I' K1 J9 i, T2 c# aGMP Securities maintains "buy", 12-month target price is $12.00
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. V' ^ ^8 i3 o; qRockwell Diamonds (RDI : TSX : $0.07)! ~" x# K, j( a3 a# V/ X
Operations starting to turn the corner; h/ k1 Z% M& F' t; c+ @
RBC Capital Markets maintains "outperform", no target price reported
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6 n4 Y) @1 l9 S0 Y3 W2 t: f% BShaw Communications (SJR.B : TSX : $20.13)$ C5 ^; m. n0 C( X: R( O
Released Q1/09 results: in line, subscribers ahead
) V+ U/ k/ L# z0 _( D9 g# O LCredit Suisse maintains "neutral", 12-month target price is $25.50
0 c/ v+ {2 |2 E* B" bGMP Securities continues "buy", 12-month target price is $26.50
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/ v0 I) Y2 {2 d+ r8 N$ F4 lSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
# G" i% ]$ F) ~! J7 D7 rHeld a sell-side lunch showcasing new U.S. team
) ?* [# i+ g6 bScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)) M) a& b" Y# j% @2 E
Awarded Russian contracts2 }+ ]( K/ A- r7 d, G3 e
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
2 b7 s* n* @7 i1 V5 _# U8 ZRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
, E% V6 h* a( T PRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
# E7 n6 J/ q& C( }7 q# NChinese furniture exports rose in November h* V2 a! k8 U/ l6 M- O
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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( U3 }; j9 M( aUEX Corp. (UEX : TSX : $0.88)& A. l3 Q$ G3 p6 x8 n: D% T& E
Shea Creek's two largest deposits have become one: o4 N+ I0 g' n* m$ E% o
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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5 S( o/ u9 D) A# HVero Energy (VRO : TSX : $4.72)2 ]. k& ?/ E+ y& _. n
Released Q4/08 results: horizontal focus to continue in F09
0 n: ~+ F. z1 |& N* yDundee Capital Markets continues "buy", 12-month target price is $8.00
+ o5 `. T% R5 gGMP Securities continues "buy", 12-month target price is $7.505 v: A% i( Y, t" w+ Y: ^) b" ?. G
Paradigm Capital continues "buy", 12-month target price is $12.00
. t9 j+ j, z4 b/ w O T0 ]/ ZRBC Capital Markets maintains "outperform", 12-month target price is $8.50( i% I8 c- C. ~' f$ y+ k/ ^
' b3 A+ t1 W3 F4 J+ mWi-Lan Inc (WIN : TSX : $1.75)
0 q( p- u& W' N. XHit homerun with Samsung
& ` a$ |( u fParadigm Capital continues "buy", 12-month target price is $3.50 |
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