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Ear on the Street --- Jan. 16 2009# q: a8 i# A/ r6 q6 S) o; u
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Absolute Software (ABT : TSX : $3.36)
$ z5 R1 M7 f3 a! P3 f' \+ `Bracing for a tough few quarters
2 r# j4 e6 F) o* a# jCanaccord Capital maintains "hold", 12-month target price is $4.50
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( M* G) P# n1 q# O+ G3 \, o HBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)' ]" N3 \5 n6 B( i. |# U
Growth outlook, challenging pipeline and high cost structure make future unclear
' J; w j& W. q$ U* r6 sBlackmont Capital continues "hold", 12-month target price is lowered to $48.00% K z* d$ ^! A) V: O3 J% S/ ^! H
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00/ f9 n |: d& W) f0 G# L. s* g
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Astral Media (ACM.A : TSX : $22.98)
! S( O& F8 I" ^. {6 h) C* XReleased Q1/09 results: strong, in light of challenging operating environment: f2 c6 W" l. a: ]. I: `
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
t& s" f7 z5 o6 n/ c' c6 P. o# xDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
, @) @* r* l# `2 W5 nGMP Securities maintains "buy", 12-month target price is reduced to $30.00" {' n6 J, s% x) X& I4 M
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00! e) L7 C+ q L0 U# M& D/ D
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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& {1 s2 v* }+ Z1 h" a$ R" vAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
0 P, u$ d. k" S7 c# m8 VWell positioned with gold production forecast to double this year and next2 Q- x T& v+ A/ z
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
! ?% ]7 _) x/ u+ m2 E# jTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00- n5 m# a1 C w- L, C
! ]) ^/ E) b/ D! ?# i; e1 O" AARC Energy Trust (AET.UN : TSX : $17.15)# d! t4 i' S# J0 B; P3 {; g6 b
Reduced distributions by 20%; capex also cut
( l3 B' s* ^) t8 ZRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)+ K$ W: D" I! F0 B
Announced F09 outlook: H. B8 l7 I5 B4 v
Paradigm Capital continues "speculative buy", 12-month target price is $2.25! A6 d! v* J) `* u1 o0 {
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.001 N/ B# v" l1 g0 I5 u
; c$ Y% N1 \4 ]# e8 l3 R+ K5 J4 HBombardier Inc. (BBD.B : TSX : $4.65)' P' D0 I E& b6 ^/ w4 c
Rising challenges in Aerospace8 e! F" y. R7 r- G
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)- { P# T+ W; B5 }, v5 R; u
Acquiring AIG's Canadian life insurance business
& E3 f6 y6 j2 b; \; jTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)6 ?; i5 D" a% [$ n7 L
Q1 review: Canada results encouraging, but Portugal remains a drag8 A2 h# w w$ O. `8 R
BMO Capital Markets maintains "outperform", 12-month target price is $46.00- Z3 @9 z d7 l, U3 ?% X/ k, F0 Q6 y
Desjardins Securities continues "top pick", 12-month target price is $40.00/ X/ g+ n$ t; z
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
# O2 c8 g/ k' `/ }! D# _$ DScotia Capital Markets continues "sector outperform", 12-month target price is $55.00' t% e8 i' b4 G- p+ ~' T! F% ?0 g! K5 c
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Corridor Resources (CDH : TSX : $2.45)
$ i8 \2 L! _- `Capital budget set to expected cash flow; production guidance lowered
; a. {' }! ?$ v9 b) F3 ]RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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; m3 y1 Y% x& {; kCOGECO Inc. (CGO : TSX : $25.14)1 f" n2 D/ r8 f3 _
Strong radio and cable drives 39% EPS growth
3 T; Q/ y. J* J6 b2 H/ EScotia Capital Markets continues "sector perform", 12-month target price is $45.006 Y% y" o6 H/ j' a; s/ r: [
+ } N4 p1 `# YCanWest Global Communications (CGS : TSX : $0.51)+ ]) V8 u! W1 }5 L
Taking action to address tough operating environment6 X6 y4 M4 `- [5 `5 _, Q
BMO Capital Markets maintains "underperform", no target price reported
7 j2 e5 S2 P; |9 Y1 fCredit Suisse maintains "neutral", 12-month target price is $1.00
6 z" o# o+ I. t( ?1 V6 q1 [! hGMP Securities continues "reduce", 12-month target price is $0.50
% B& V0 z2 W4 w5 t6 x5 U L0 gRBC Capital Markets continues "underperform", 12-month target price is $0.750 g3 E: s: E. c/ E5 V
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.505 f+ z8 d# B* M1 z
* R1 k# V9 h8 ~4 D1 f3 kCorus Entertainment (CJR.B : TSX : $12.47) C# ] m3 e, M# T( u6 b" k. R
Q1 revenues in line, EPS beat
, |) o7 I" { ^8 |+ w7 VBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
( Q1 @2 l7 J( X" uCredit Suisse continues "outperform", 12-month target price is $20.001 z' Y! I0 B6 k _- J
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00 `7 ^6 m F7 |6 d0 U
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
4 b" I; |' g' n: O) p, CRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
# h/ g) M8 }9 \9 ~Scotia Capital Markets continues "sector outperform", 12-month target price is $18.005 O/ H- d$ d8 g, c6 m- S
( l" Z& P7 W) v/ J% eCalloway REIT (CWT.UN : TSX : $11.84)3 P. J# g* W" K
Held investor day
: t* C% }2 B2 \/ U# TScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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: y# t3 @. k4 VDaylight Resources Trust (DAY.UN : TSX : $7.77)
. w; q" Z, g0 N6 ZReduced distributions by 38%; guided for lower capex# L6 e: S6 ]) b C6 `2 k& Q, M/ Z
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
2 p1 V, y; c+ y v8 \& L8 u9 \Dundee Capital Markets continues "buy", 12-month target price is $12.00% r" I8 C( p* T8 Q$ O0 Z5 Q
TD Newcrest continues "hold", 12-month target price is $7.50$ m' v; x3 J/ O6 |
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)2 u/ n7 J5 A$ t; ~8 V* L/ g* \& s; z
Steady market and currency tailwind
# z: C/ Q8 G$ v5 wTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)# |' m% {2 g# |8 V. D1 E2 V2 @
Revised commodity forecasts6 C8 \' r( b9 L8 n9 A1 C) p
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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3 i" m8 B5 }* q0 gHeritage Oil (HOC : TSX : $3.77)
5 t2 n# Y% L$ N! L, R' g+ \Announced Ugandan commerciality on exploration success' [ V8 U8 {9 |; ` h
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.505 R2 _- {( m7 A4 }
, y6 [. s2 F$ G* QHarry Winston Diamond (HW : TSX : $4.98)
; k: ]- h0 D) t3 g6 `/ s( @Retail division suffers
! C# ]( Y7 P/ \) d& v( ~3 ]Desjardins Securities maintains "buy", 12-month target price is $12.60
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5 r1 o$ q1 O! _; jLaramide Resources (LAM : TSX : $1.84)
7 o }& O. s* F7 yWestmoreland provided more high grade at Redtree's Jack Lens3 z. S# U7 ^8 j2 j- q! {
Dundee Capital Markets continues "buy", 12-month target price is $2.30 ^- v) S5 t# x1 G
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Lockerbie & Hole (LH : TSX : $6.00)
6 ~# e& n' n) F+ L% {) E, UReleased Q3/09 results: very strong, focus should be on active backlog
) B$ N7 D$ ?/ E2 P' C9 \/ B" ZGMP Securities continues "buy", 12-month target price is $9.00
5 z5 Q4 R( `& `2 XRaymond James maintains "market perform", 6-12 month target price is $8.25& L7 O4 b* I8 M0 B% G f# Z! ]
7 h* d! G' F! d" N! mLivingston Intl Income Fund (LIV.UN : TSX : $6.00)1 w2 B4 V+ [" K! T; X- @; o; O
Reduced distributions by 70%1 g7 X+ e) C1 z& m2 c/ r* {
RBC Capital Markets maintains "outperform", no target price reported
6 J ^5 Q$ Y( @5 t4 L) VScotia Capital Markets continues "sector underperform", 12-month target price is $6.50- Z/ p* Y: S7 b& f$ X% x. |
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Matrikon Inc. (MTK : TSX : $2.04)- m4 h! c/ Z- \5 Q w( Z$ a
Released Q1/09 results: a little light, but still respectable# C/ }6 ?) R M% v( j5 s" R
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.506 I* i/ {0 k! k& V8 K. u
Paradigm Capital maintains "buy", 12-month target price is $4.00! F$ X0 ^! V. ^
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)5 m( C8 I" ^- p' b" @6 V1 M# \
Expecting lower CFPU on higher taxes' Q* B& n* }; W2 A- b% `" |
BMO Capital Markets continues "outperform", 12-month target price is $18.00& g) R4 @5 d+ k+ x
RBC Capital Markets continues "sector perform", 12-month target price is $12.00/ O6 z2 I' V& m3 S& n5 x
TD Newcrest continues "buy", 12-month target price is $17.00
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8 }! O. X, L0 z# j8 ?6 D( INorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
- b) z# O. n0 `+ dReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain) \ \/ f" o! [
Blackmont Capital continues "hold", 12-month target price is reduced to $1.259 q# V% \: r: J" l; K$ Y8 L4 b* q; \
Credit Suisse maintains "neutral", 12-month target price is US$1.00
) A' t) F/ [, I5 `7 d! ~5 cScotia Capital Markets continues "sector underperform", 12-month target price is US$0.803 z R( r4 e; C3 v( | A
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
p$ s' h; d# O( C6 K+ Y$ l) J, x4 DDietary supplement business facing headwinds! Q* V3 D. m# }9 `7 v) } g, F, k
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)+ T# U& X) W1 A L' [# I. [
Provided operational update and F09 guidance
j) w( `/ v0 u; {9 d; ]$ d9 KHaywood Securities continues "sector outperform", 12-month target price is $3.25
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# L4 s9 @& {) Z; v' ?6 B& R8 _Osisko Mining (OSK : TSX : $3.13)
+ x8 @ o% r5 a& } SSouth Barnat resource around the corner
) n9 Z( {) b* B& N( iParadigm Capital continues "speculative buy", 12-month target price is $4.755 ~: i; m6 N1 X
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)- e6 H" Q1 J0 x% F3 L4 e) s
Provided operational update
V* P- k/ U# OBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
1 ?, C5 `' [. I; d3 R2 t1 X5 N6 tTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50& C1 ~+ A8 Z/ X
0 q/ P2 I* i$ |5 S: |5 ]3 h$ g, qParamount Resources (POU : TSX : $7.85)
/ j& w1 V5 D" y% I9 wProvided operational update: Grande Prairie emerging as the key focus for F09
% V0 n, \9 z- [4 U& s' IGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
' j [/ N& [/ R& _, K/ q2 s0 yOperations starting to turn the corner/ ^8 ^: J5 q I
RBC Capital Markets maintains "outperform", no target price reported
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. O# x* Y0 k' y* b% yShaw Communications (SJR.B : TSX : $20.13). e1 J9 @ K" i% Y1 @6 v0 c# I: N
Released Q1/09 results: in line, subscribers ahead$ K! @. x* H8 c8 G8 n$ @
Credit Suisse maintains "neutral", 12-month target price is $25.50+ K) ?! N# C. W- J9 J# h: {2 x5 T
GMP Securities continues "buy", 12-month target price is $26.50
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+ z+ }5 |* \# r, D9 a1 u/ L* kSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48) ?: `$ Z/ ?8 ?
Held a sell-side lunch showcasing new U.S. team3 e6 E" ~4 n _. x+ I0 h" I! R
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
4 K4 f: ^ u u9 {" \+ ?4 Y3 SAwarded Russian contracts
5 S) |4 p& ?; `" bBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75- |: S* r7 ^/ }! a+ T5 Z/ @: a7 z
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
" g6 v2 m( t- e, ^RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
$ P- o8 t* p$ @7 c3 g5 I8 y% ?Chinese furniture exports rose in November! L- b# x" N4 p( b+ k w4 X
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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8 z+ g) @8 ~- k. W- m* m" tUEX Corp. (UEX : TSX : $0.88)
& c2 a; g% S4 IShea Creek's two largest deposits have become one
f# ~, e+ f2 O# b& z( iDundee Capital Markets maintains "buy", 12-month target price is $2.75
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j* g0 m g; E1 b% Z* sVero Energy (VRO : TSX : $4.72)
! ?- K _2 c7 q% }" n7 w8 H% o) CReleased Q4/08 results: horizontal focus to continue in F09# f/ \4 H6 f6 W& B( ^
Dundee Capital Markets continues "buy", 12-month target price is $8.00
?$ A8 X+ g3 `GMP Securities continues "buy", 12-month target price is $7.50
4 a! b T1 ~( f5 gParadigm Capital continues "buy", 12-month target price is $12.00$ Y/ h- m* l! m3 o. R }3 V
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
, l5 a5 m$ L0 x e3 d: q- nHit homerun with Samsung
9 K! R" D0 ?+ Z8 K: K. `Paradigm Capital continues "buy", 12-month target price is $3.50 |
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