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Ear on the Street --- Jan. 16 2009
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0 c6 y3 R- M# P- {# m- ?Absolute Software (ABT : TSX : $3.36)
; m3 w: I& n4 |5 t' y SBracing for a tough few quarters
. _7 y+ ^9 V- E" N9 {5 MCanaccord Capital maintains "hold", 12-month target price is $4.50
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$ V' Y5 C( R7 R/ w$ tBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
* ]3 K9 P I" @8 y+ eGrowth outlook, challenging pipeline and high cost structure make future unclear2 D- s# ]- L' L+ g; S: ]
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00 D# D5 I/ |: P/ o2 g- S
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)
2 b6 S- P: O. [0 N" M3 h" q7 {; }# b" qReleased Q1/09 results: strong, in light of challenging operating environment8 s/ e; m7 |8 Y' @, P2 t J
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00# @/ m. M+ I4 K, E
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00 ]$ Z; X6 b3 L0 s9 p3 f& a
GMP Securities maintains "buy", 12-month target price is reduced to $30.00* ^! d- R7 s* W3 B
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
/ ?/ f; C4 n. t5 t, V/ ]Scotia Capital Markets continues "sector outperform", 12-month target price is $30.008 y6 s, {% ?% q' C. c( b
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)5 v! l/ R, d4 ^2 X0 }
Well positioned with gold production forecast to double this year and next/ `! J. n6 U' S4 ~& h
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
+ ~, p$ R% R' \3 t# S& ]8 QTD 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)9 D/ E8 t8 t! r- L, {! c
Reduced distributions by 20%; capex also cut7 L( A* O8 M) J- V
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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7 C# y4 D/ o l2 G+ IAndean Resources (AND : TSX : $0.75)9 t" \! H) z* @. T$ |$ j8 x( V/ f/ d
Announced F09 outlook
$ n* C$ C& O8 _* QParadigm Capital continues "speculative buy", 12-month target price is $2.25
8 U( K3 L% u8 \9 t S. ?TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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5 `4 z- z! c& P2 K& M: n9 LBombardier Inc. (BBD.B : TSX : $4.65)
q0 v- h" l0 {8 Y5 mRising challenges in Aerospace
" K& ]2 K3 u( D0 BGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)9 s- K( A8 T6 Y
Acquiring AIG's Canadian life insurance business2 Q/ P& [* K% |! }- ]4 f- W
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
2 ]8 u2 X k& L, v9 z% g- l) uQ1 review: Canada results encouraging, but Portugal remains a drag8 m5 z, }/ U1 C. ]
BMO Capital Markets maintains "outperform", 12-month target price is $46.00' N$ o, D3 |; ~% I" ^% x0 R
Desjardins Securities continues "top pick", 12-month target price is $40.000 Z% H6 s7 j" U$ K8 S( i3 a
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
* H1 t1 h+ @* TScotia Capital Markets continues "sector outperform", 12-month target price is $55.002 p$ Z8 r3 e- z
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Corridor Resources (CDH : TSX : $2.45)- B; U! z( u* J0 f$ A
Capital budget set to expected cash flow; production guidance lowered
1 v$ l G7 ^+ TRBC Capital Markets maintains "outperform", 12-month target price is $4.25" U9 K6 l7 G# ^* {4 Y0 G
( P$ ^, M+ P7 k4 YCOGECO Inc. (CGO : TSX : $25.14)3 K% o ?- m6 C a
Strong radio and cable drives 39% EPS growth) a5 p% P; b8 v
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00- h4 Z3 v) f. ]) a1 M; m* e d
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CanWest Global Communications (CGS : TSX : $0.51)
) |7 g2 |1 g' G( ?) FTaking action to address tough operating environment1 O* @( D7 R4 L% k( O/ P4 M% ^3 E3 ~
BMO Capital Markets maintains "underperform", no target price reported
, b5 l, e! l/ r; R4 S# Q7 y. iCredit Suisse maintains "neutral", 12-month target price is $1.00
# n. q9 w K: g. M$ c1 W: [. JGMP Securities continues "reduce", 12-month target price is $0.50
. C4 p+ h* k: p: ^7 MRBC Capital Markets continues "underperform", 12-month target price is $0.75( @+ {9 `+ H& u. [' x |6 }9 ?
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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8 K+ e! V% A# S# u3 x; B: Z6 n! Z' mCorus Entertainment (CJR.B : TSX : $12.47)
+ Y. Q: w1 [* Y# Z O) gQ1 revenues in line, EPS beat
: J. J0 {8 ^! L; R, LBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
, f; K& O* g8 }& R/ H. s0 `Credit Suisse continues "outperform", 12-month target price is $20.00! X# }& y. S0 q
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
# D3 X) \! D5 y( ]+ K' ~: l' z$ YGMP Securities maintains "buy", 12-month target price is reduced to $17.00
! v8 z: B4 }. O- H" f4 pRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.505 n* K, C6 A2 q8 X( T6 z% [8 r" ^# H
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.004 l; \$ T: _* S- L$ }: h2 ~7 O* U
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Calloway REIT (CWT.UN : TSX : $11.84)
/ z3 K; w( ~+ g& m- dHeld investor day) u* [, v0 e" Q3 J
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00+ w' T+ f4 w2 M, p/ `
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Daylight Resources Trust (DAY.UN : TSX : $7.77)- U# \5 s, w! l+ p0 _8 o; H
Reduced distributions by 38%; guided for lower capex- Z0 F: G/ m$ v1 a l) c
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.007 j( I& ?- E9 ]- H+ w
Dundee Capital Markets continues "buy", 12-month target price is $12.003 R* X. K+ ?( ?, b$ W: P) @
TD Newcrest continues "hold", 12-month target price is $7.502 a7 h5 R' Z. m3 r
1 y6 N( B% Y% i) IEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)! b& Y3 \& o; e W2 I N4 X
Steady market and currency tailwind4 }( c7 `9 f' o; ]5 W f: ]
TD Newcrest maintains "buy", 12-month target price is US$5.00
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. t" g( H( Z7 h; v9 I" E* wGoldcorp Inc. (G : TSX : $29.74)
# }- t* H& p2 L/ E* Y6 W/ t$ _Revised commodity forecasts. _: }( `) p+ {% J9 I
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.009 G2 l" U; T% t" o1 c0 n
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Heritage Oil (HOC : TSX : $3.77)
) m I+ M2 R. WAnnounced Ugandan commerciality on exploration success, t- B3 o3 b- u# O$ {# i
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.500 G% ?$ z6 e( z1 k
7 I. Z, p7 }9 [) kHarry Winston Diamond (HW : TSX : $4.98)1 t7 t$ e' P! I" V
Retail division suffers8 L c+ I" j* K( g7 k8 G
Desjardins Securities maintains "buy", 12-month target price is $12.604 I, T& Z2 w5 G- s
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Laramide Resources (LAM : TSX : $1.84)* V5 I8 `$ O, w7 D8 A+ E3 W
Westmoreland provided more high grade at Redtree's Jack Lens5 P* w8 o2 g' U* l& y7 p
Dundee Capital Markets continues "buy", 12-month target price is $2.309 C' t( F9 H% |8 N0 \7 U
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Lockerbie & Hole (LH : TSX : $6.00); c0 N+ R$ j. P( Z
Released Q3/09 results: very strong, focus should be on active backlog; s; S# n0 D- i7 H `7 S
GMP Securities continues "buy", 12-month target price is $9.00
7 c0 I) D5 Y, D5 }, r8 sRaymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)2 W/ k+ ~0 U0 w# n6 K( Y* l1 u4 H
Reduced distributions by 70%' d. K) C) _$ [( I2 O( C
RBC Capital Markets maintains "outperform", no target price reported
& F) E' H" ]' Z! V6 d$ wScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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) V% t/ j# K4 \' h: g% oMatrikon Inc. (MTK : TSX : $2.04)
- _. p+ G# E9 ~' C- A5 eReleased Q1/09 results: a little light, but still respectable0 T Q$ O$ p8 |! g
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50: Y3 O- y* b9 h& T/ G# _/ q- E, p
Paradigm Capital maintains "buy", 12-month target price is $4.00
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' ^( E6 J* @1 A" z+ C8 v% `Mullen Group Income Fund (MTL.UN : TSX : $10.97). {" U* }/ E) P; H Q+ K
Expecting lower CFPU on higher taxes, [5 O1 G' c- Q, r& `3 x9 ?% K
BMO Capital Markets continues "outperform", 12-month target price is $18.00
9 u" I. Z0 x5 ERBC Capital Markets continues "sector perform", 12-month target price is $12.00
5 d& j7 H" N3 y* S1 ~- V5 U2 yTD Newcrest continues "buy", 12-month target price is $17.005 l4 \* P! D7 R5 i. w
& ~7 I" A! q5 i* d3 m7 BNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
- `( Y ]. p5 G. ]$ c5 hReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain" v, J, c+ X8 Q" e- r* {+ X
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
5 r, x8 G9 p) t2 u5 ]Credit Suisse maintains "neutral", 12-month target price is US$1.004 D; U) P# c6 M
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)- X! f3 E" ?. m& y2 ?: a+ N2 s
Dietary supplement business facing headwinds
0 t& q3 a! N9 a8 ?8 i3 h8 HParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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/ y1 \" ]$ c# \) _# p7 dOpen Range Energy (ONR : TSX : $1.18)1 c0 F, _5 }' g2 L9 b
Provided operational update and F09 guidance* H" ]6 p' i) J4 Z* F! Q
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)' y2 ?% a4 b/ T0 F6 \
South Barnat resource around the corner6 `9 p3 Y( o8 ?' e, j
Paradigm Capital continues "speculative buy", 12-month target price is $4.752 l/ b' N! b/ g @5 u
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)9 g* ]1 O. j$ w6 ?; E4 b& y
Provided operational update3 m' j( X; @2 D# U
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
- h# W6 L8 \# e! y. \/ u1 N% YTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.500 C7 K* Z, R6 O* [" W5 r
" ^, D& R5 G# l# W& Q4 u/ k# oParamount Resources (POU : TSX : $7.85)3 j& C+ g# s; Q" h
Provided operational update: Grande Prairie emerging as the key focus for F09' P3 }/ q- V" l% ?4 s/ ^, c
GMP Securities maintains "buy", 12-month target price is $12.00
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0 e0 D3 a j6 C9 {$ {! B4 kRockwell Diamonds (RDI : TSX : $0.07)$ \% u; W2 G/ t0 J* L6 P: O
Operations starting to turn the corner- \- E% }8 |' Z7 j1 ?
RBC Capital Markets maintains "outperform", no target price reported
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" _ O& h8 C# t4 q: F0 N/ w1 B. b% sShaw Communications (SJR.B : TSX : $20.13)
6 s' `- ~, a2 d d4 [- X: \Released Q1/09 results: in line, subscribers ahead
- i8 Q, a, B- s4 x9 M( nCredit Suisse maintains "neutral", 12-month target price is $25.508 b* P I" p& q0 O8 N$ k k
GMP Securities continues "buy", 12-month target price is $26.507 `+ {2 r0 a& s% j$ n
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48): C! A7 Q/ ^) A% R* P7 C
Held a sell-side lunch showcasing new U.S. team
6 q8 ~: {1 {' GScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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& l2 q; ~9 Z2 e* C4 KTrican Well Service (TCW : TSX : $6.93)
! v9 g, r* ?6 J6 U0 TAwarded Russian contracts+ j8 U" B1 [* [
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
+ b+ i# ~2 \4 v4 J$ W" X! zRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00. g& O! ^$ L* l; r6 ^' _7 f
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00- H" E; V/ M& j
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Sino-Forest Corp. (TRE : TSX : $8.93)
: ^2 _+ c8 v4 S k5 @/ }/ V& ]Chinese furniture exports rose in November
6 C" x( N% ~/ O, GDundee Capital Markets maintains "buy", 12-month target price is $23.50( x% I' d$ e# G( h9 S. d9 h9 X" i
8 O; l6 y9 y) {) X+ Z5 CUEX Corp. (UEX : TSX : $0.88)) I1 \. L3 [, p
Shea Creek's two largest deposits have become one" p* I e6 Y4 _* O7 z
Dundee Capital Markets maintains "buy", 12-month target price is $2.757 u, O+ p% c" Q
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Vero Energy (VRO : TSX : $4.72)8 @5 b T' y2 k1 j2 G6 Y
Released Q4/08 results: horizontal focus to continue in F099 _& A( c0 m2 \! N6 b2 k
Dundee Capital Markets continues "buy", 12-month target price is $8.00* s v7 X2 d; Q" O) \
GMP Securities continues "buy", 12-month target price is $7.50
A% s% R. x/ W8 NParadigm Capital continues "buy", 12-month target price is $12.00+ x5 _3 I, L, a/ o/ Y
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
; n: f& ?+ z# _+ r: ^- T6 NHit homerun with Samsung2 r$ |: a6 _3 v Z, q2 x% ~
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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