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Ear on the Street --- Jan. 16 2009
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( S( F1 N7 K0 @% f, ^; C) N+ ?* jAbsolute Software (ABT : TSX : $3.36)
6 Z, P& o8 f0 a* M* UBracing for a tough few quarters
! H7 i! a8 w2 U* I; i' O6 i" H! [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)) ?% U \: O; s d& f
Growth outlook, challenging pipeline and high cost structure make future unclear, E6 ^% S! Z/ B9 E
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
" Y8 z9 R& B7 R' W7 |, v2 K: dTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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+ s1 e" L9 W7 H1 [Astral Media (ACM.A : TSX : $22.98)
& b/ u3 \1 x% [+ N+ f) n! x; q5 HReleased Q1/09 results: strong, in light of challenging operating environment* C' s7 p* C4 v& |, Q" `& x. M* r
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.009 }! G5 r$ l9 D0 X/ ]) G% D
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.007 l- J. }' D3 [, {$ X
GMP Securities maintains "buy", 12-month target price is reduced to $30.00/ P5 n* S5 F p1 {0 o+ H$ E7 D& w
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
0 o8 g" ^7 [5 o6 d; F3 s* EScotia Capital Markets continues "sector outperform", 12-month target price is $30.001 Y9 }# @. Z- _+ J0 H
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
# w" c' [2 @$ M) P2 r% a4 gWell positioned with gold production forecast to double this year and next* n7 {$ M. o4 z1 F. H% ]
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
F9 ?: A+ x; A, p7 N/ RTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00$ o* `4 v0 _3 I
`$ o* F5 u" `ARC Energy Trust (AET.UN : TSX : $17.15)
& b) d6 P0 I6 D# ^! zReduced distributions by 20%; capex also cut
: J3 K/ K$ }+ e4 A0 r! f7 _7 a; ~RBC Capital Markets continues "outperform", 12-month target price is $19.001 R! E' X) s1 d7 f- `
$ f3 k- [7 u6 s/ M( K7 _Andean Resources (AND : TSX : $0.75)( @& H2 U/ q* y6 z9 Z R" H
Announced F09 outlook
" i7 U! ]& `: q- w* x. ?- \5 G) ]Paradigm Capital continues "speculative buy", 12-month target price is $2.25( R) n3 U( Q' S& _6 ~
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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/ q; k; c7 h8 i H; E }( n4 DBombardier Inc. (BBD.B : TSX : $4.65)/ Q! q5 E- p1 Q. P
Rising challenges in Aerospace
: y& W% l- O. i4 Q$ K. \5 X& dGMP Securities continues "buy", 12-month target price is $8.00( y4 S3 M( L1 L
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Bank of Montreal (BMO : TSX : $31.84)
# t$ ~" b3 D0 eAcquiring AIG's Canadian life insurance business/ i" g! W7 K5 x7 x8 E
TD Newcrest continues "hold", 12-month target price is $37.00
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0 _: U- K7 I# d2 a4 S, k: sCogeco Cable (CCA : TSX : $33.37)
4 ~7 x% b; p3 @( w$ U4 U" cQ1 review: Canada results encouraging, but Portugal remains a drag3 I w/ ]+ K. x
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
, ^: U: q9 T5 C1 U: D* u& J8 }Desjardins Securities continues "top pick", 12-month target price is $40.001 `$ n# ^: ?( P7 s
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
; q S- y; S* ^! h: j) }* t6 kScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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- S9 o+ {( w% [. ~: K, b0 T) ~Corridor Resources (CDH : TSX : $2.45): V2 L! a3 d1 B8 H8 n& ~* @
Capital budget set to expected cash flow; production guidance lowered
8 m* \/ E+ A( W" WRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)( [& q P1 K5 a" h7 {$ L) J3 T
Strong radio and cable drives 39% EPS growth
4 h+ E. P, }7 S* K& }) ]+ b8 aScotia Capital Markets continues "sector perform", 12-month target price is $45.008 }6 k+ X# m% U, H! @ W: A. O
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CanWest Global Communications (CGS : TSX : $0.51)
" e1 O7 I3 S3 k' b- bTaking action to address tough operating environment
+ Q3 i, O2 d4 ~BMO Capital Markets maintains "underperform", no target price reported0 ]6 z, x3 f& v( w# f- E
Credit Suisse maintains "neutral", 12-month target price is $1.00
9 D' K& V; L- Q' i7 \GMP Securities continues "reduce", 12-month target price is $0.50
: ^' P# v5 v: \9 s) |* g0 K+ KRBC Capital Markets continues "underperform", 12-month target price is $0.75, u: n% T6 h& p, C1 Q: F5 u
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50, k: l3 i$ l6 M/ u) B$ |6 P: A ^
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Corus Entertainment (CJR.B : TSX : $12.47)
* j/ W3 x6 c" G. K1 y# m1 z. e6 ]. WQ1 revenues in line, EPS beat
1 _" n, s8 w( U3 GBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
& s4 H+ C* A" j( h/ U# j! y2 F- qCredit Suisse continues "outperform", 12-month target price is $20.003 [" K# M w k7 O+ i
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00, v0 |. m; X2 ^5 i& \
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
% I* Z, J$ w5 Q9 WRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.506 n6 J& i# z8 F- `* h/ Y
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00: C. `% ^( q0 F+ |7 m& G
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Calloway REIT (CWT.UN : TSX : $11.84)
8 o6 m' t. O9 o7 mHeld investor day
+ U1 m5 A6 B% S4 u* E6 f+ nScotia Capital Markets maintains "sector underperform", 12-month target price is $11.007 g+ |1 j. i& l+ a
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
! U1 n6 [; ?: Y: R- tReduced distributions by 38%; guided for lower capex2 I1 o/ Y9 n3 y7 L+ ]$ j/ z
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ w3 o" t* t% d# F! X; M. XDundee Capital Markets continues "buy", 12-month target price is $12.005 _) m `! G+ D$ e4 G6 @
TD Newcrest continues "hold", 12-month target price is $7.501 Z$ v0 S& {, |- M0 T* y3 o% {% m
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
; u( z, T" h5 M8 R8 k( aSteady market and currency tailwind) l# Q3 q9 o p& ~$ N( u. K
TD Newcrest maintains "buy", 12-month target price is US$5.00
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8 I& x p+ m: u0 g/ c, M2 ?Goldcorp Inc. (G : TSX : $29.74)/ Y, U: P+ b3 Z# b( ^' s! J1 B
Revised commodity forecasts, \& {0 T4 R- n, X- A$ k8 l
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.000 \, E2 @! D& [1 L* f
& Q" S3 w2 {+ J+ o. a$ z( D9 H& eHeritage Oil (HOC : TSX : $3.77)
/ p. v% e& ^) p' R1 ]! p7 {4 ~Announced Ugandan commerciality on exploration success- Q$ H6 T: ~% r* |6 ?
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)6 _2 Y4 ~5 m# y$ _/ `9 R
Retail division suffers
4 _( M1 K; R$ XDesjardins Securities maintains "buy", 12-month target price is $12.60
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( {% E: o# u" {8 n8 s+ [Laramide Resources (LAM : TSX : $1.84)2 e; U8 ~ [. B) e; C; \% M
Westmoreland provided more high grade at Redtree's Jack Lens0 u9 `8 M* b- D. t$ K4 a
Dundee Capital Markets continues "buy", 12-month target price is $2.30; T" h P3 ~( O, k
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Lockerbie & Hole (LH : TSX : $6.00)1 E9 w) c; W: g7 a' U. i6 I* x) u, M
Released Q3/09 results: very strong, focus should be on active backlog
3 \/ u+ B6 f; K P- _GMP Securities continues "buy", 12-month target price is $9.00; w1 I( z Z! |4 m0 V
Raymond James maintains "market perform", 6-12 month target price is $8.25; X8 y6 H! i) u5 U( B4 S! E
: \5 C* E" q5 K$ j$ CLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
; N/ ~3 g. N8 @0 ]$ FReduced distributions by 70%
7 t7 }: c) d: WRBC Capital Markets maintains "outperform", no target price reported
3 K6 U+ _1 Y# M+ J3 ?& y: xScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)9 s# G& ^ s2 g
Released Q1/09 results: a little light, but still respectable
' T( M% f5 [2 JBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
! t2 H- y$ f0 b, L- H8 l6 f$ {Paradigm Capital maintains "buy", 12-month target price is $4.00$ s e m s8 H
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)2 x4 @' s A# A c/ {" |/ p6 |/ `
Expecting lower CFPU on higher taxes- g! H3 m/ p2 k8 ~1 w
BMO Capital Markets continues "outperform", 12-month target price is $18.006 B h& B$ X5 D0 e b4 ]
RBC Capital Markets continues "sector perform", 12-month target price is $12.003 V0 L- q$ s/ _/ g
TD Newcrest continues "buy", 12-month target price is $17.00
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/ J% A: A$ ^) H1 |( ZNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)2 ^4 {, E- V7 E) h! q
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
( {) T7 t! Z5 X6 p) UBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
" X+ e- i; x7 X4 BCredit Suisse maintains "neutral", 12-month target price is US$1.00
+ j9 Y5 v/ j$ [5 [* w- n V& TScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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' {) @/ V! E9 XNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
( n/ A4 c1 l( k$ Z, P* {/ I9 aDietary supplement business facing headwinds- Y, W# p, ? l e" V. r
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00 G; B% D9 S0 Z3 d1 p
7 U9 `! B [! z4 }" EOpen Range Energy (ONR : TSX : $1.18)
" I; D. j( s) c+ c3 o0 d: R0 bProvided operational update and F09 guidance
% x, [0 c, t2 Y5 pHaywood Securities continues "sector outperform", 12-month target price is $3.25
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7 w$ @! u, [0 _; y ~Osisko Mining (OSK : TSX : $3.13): B. `. s% [5 Y9 P/ v2 ~
South Barnat resource around the corner1 R" `8 E, t: f8 y4 E5 ~- Z
Paradigm Capital continues "speculative buy", 12-month target price is $4.75: y4 v) Z# E8 p' B+ F1 t3 `
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)) W. v& L+ V8 I+ p2 I/ H( [
Provided operational update
8 G6 \9 w8 ^3 ]$ ABlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
- Q% h/ Z) } q% o9 I2 }4 MTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50/ \ u- d- v: s9 B' a S
; g% C7 q: s0 U) j m6 V* z( @1 v* }Paramount Resources (POU : TSX : $7.85); r7 V- a' P3 }9 s% X6 g
Provided operational update: Grande Prairie emerging as the key focus for F09
9 x. k" _( X. ZGMP Securities maintains "buy", 12-month target price is $12.002 z& O( t1 h2 p& E
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Rockwell Diamonds (RDI : TSX : $0.07)0 b" ]4 p" N: H4 r" r
Operations starting to turn the corner
# \8 {( Z0 h- D" Z" L4 dRBC Capital Markets maintains "outperform", no target price reported
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, k, W4 }( g, w$ q0 Y/ s* cShaw Communications (SJR.B : TSX : $20.13)
3 n M9 b8 @' m; E* AReleased Q1/09 results: in line, subscribers ahead( |/ G. d& `( [# s6 {% `8 V* i) V: f
Credit Suisse maintains "neutral", 12-month target price is $25.50, Z% W& i3 _6 K( ^/ M
GMP 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)
. N- Y) o! o/ v' @! ^6 uHeld a sell-side lunch showcasing new U.S. team% d3 [8 M! W3 `- e( h
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00& s3 u S0 ?( k/ k; q: t/ C
' R9 |9 p* h: p6 \) O9 v# u* xTrican Well Service (TCW : TSX : $6.93)
4 D* F. \( h$ m9 j- W4 m* \Awarded Russian contracts1 x5 {: I8 @! O0 m6 m
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75. ?- \" N6 ?$ p2 B
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00. {0 w: }! D1 j$ r+ p' L
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00$ X/ Q D( E) i8 U
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Sino-Forest Corp. (TRE : TSX : $8.93)
2 [- x/ o ~/ EChinese furniture exports rose in November/ H0 O) L! q% F! b
Dundee Capital Markets maintains "buy", 12-month target price is $23.500 v T% l5 o' Q' s
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UEX Corp. (UEX : TSX : $0.88)
2 y5 ~$ J! |+ D- c% Z3 }4 kShea Creek's two largest deposits have become one5 J4 F5 l) W0 C# u" T" O% f
Dundee Capital Markets maintains "buy", 12-month target price is $2.758 a1 J( H; E3 i% ?
: Z* K/ b1 p" R. h" gVero Energy (VRO : TSX : $4.72)6 s2 o) y) e, }8 r+ n& T# O
Released Q4/08 results: horizontal focus to continue in F09
0 X+ c) _8 @& l5 y# `5 F, e2 C. \Dundee Capital Markets continues "buy", 12-month target price is $8.00$ o8 q9 F. ?! q7 h7 t
GMP Securities continues "buy", 12-month target price is $7.50; b# Y# K1 h0 j' `
Paradigm Capital continues "buy", 12-month target price is $12.00
8 d; a; y8 p* w ERBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75) V+ H) W4 E* C) a: Z, l# W/ z
Hit homerun with Samsung, b( Q# O) A8 Y# ~; U; e3 u% o
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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