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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)4 K7 Q% K3 J% e
Bracing for a tough few quarters% I% d3 O! R' u' {& l2 a6 F) a
Canaccord Capital maintains "hold", 12-month target price is $4.50/ y0 E/ B1 x; M- k
: D) @4 a) C$ ZBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
) C6 o+ t2 _5 e2 a5 bGrowth outlook, challenging pipeline and high cost structure make future unclear
0 W3 ~& E. B8 U. a* ?, ~! a/ vBlackmont Capital continues "hold", 12-month target price is lowered to $48.000 e9 m& l/ j) g( w8 U B
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)/ P9 Z- x$ n/ B/ r/ R
Released Q1/09 results: strong, in light of challenging operating environment& f0 m! T3 Y* ~! t% N* a0 ?
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00 X$ Q1 Q# q4 n' H
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.003 {3 C0 b; P9 T- l
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
$ i# U. m8 T3 K- d/ n3 ]8 E4 KRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00& d) g5 L& \# R" b
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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2 x2 W; j3 W3 M( A v# @$ lAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)" a! q. t" v! J8 j6 Z& i+ {) k4 W' T
Well positioned with gold production forecast to double this year and next
& ]2 @6 l8 Z# p4 l G0 bBlackmont Capital continues "buy", 12-month target price is lowered to $83.000 R) m! _' k+ V( S$ i
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00' i# \% o1 i3 {$ F7 ~& b/ \, V @% a9 M
% Q2 n [; T& {9 d) w& jARC Energy Trust (AET.UN : TSX : $17.15)
6 D# f9 `/ p, S$ l( ?8 PReduced distributions by 20%; capex also cut
6 I# t1 m. ~% B: J4 V1 O1 Y# yRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
0 x2 ^0 {8 C) u' p9 r6 _Announced F09 outlook- n' a- U! F- Q0 G# ^2 i5 ^. h
Paradigm Capital continues "speculative buy", 12-month target price is $2.25* f0 ]7 _3 {) M/ f7 o- S1 E
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
0 x& ^, M, E7 K+ @. ZRising challenges in Aerospace
! K6 }) M- P. ^ o$ oGMP Securities continues "buy", 12-month target price is $8.00# Y4 M; h. p6 e
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Bank of Montreal (BMO : TSX : $31.84)/ x( p3 m; V6 ?( y O+ x, V
Acquiring AIG's Canadian life insurance business9 T8 z8 R3 V& [; p4 F
TD Newcrest continues "hold", 12-month target price is $37.00
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) I( u* l$ k; ~Cogeco Cable (CCA : TSX : $33.37)
, }0 } }) H0 U l, o7 n" lQ1 review: Canada results encouraging, but Portugal remains a drag
) H" e1 T0 D; X# _* Z' PBMO Capital Markets maintains "outperform", 12-month target price is $46.00
( A$ _8 e* [/ N* U. V( aDesjardins Securities continues "top pick", 12-month target price is $40.00$ o2 Q, d N0 o
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
. [& K: _; G$ r3 x4 q- x, [4 {9 }Scotia Capital Markets continues "sector outperform", 12-month target price is $55.004 j0 A1 T. I& k4 q
* G! P8 x3 k$ I7 S: U9 XCorridor Resources (CDH : TSX : $2.45)
+ b' y1 W5 V7 {3 L) iCapital budget set to expected cash flow; production guidance lowered) g. ^$ n0 s) W Z0 Z" d- n
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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9 S! u# V/ V$ [& R5 ^" gCOGECO Inc. (CGO : TSX : $25.14)+ a' S4 G- j R1 C: U7 z
Strong radio and cable drives 39% EPS growth
' p( t% b! x" y, PScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)" S5 _, k! n6 D% {/ x
Taking action to address tough operating environment
? @/ Q2 g: t/ Y- e' U. I! UBMO Capital Markets maintains "underperform", no target price reported
* w; R6 U# K7 e# y( `! vCredit Suisse maintains "neutral", 12-month target price is $1.006 [! v) E% C) Y4 E: n
GMP Securities continues "reduce", 12-month target price is $0.50
2 A$ S2 o# i3 Y6 h; QRBC Capital Markets continues "underperform", 12-month target price is $0.750 J* w' q# L4 N1 E1 x
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50% p- K( R% \' x
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Corus Entertainment (CJR.B : TSX : $12.47)" j1 o, Y6 _$ r# w/ a1 p+ t
Q1 revenues in line, EPS beat
; s4 ?# \) U! w6 X3 g9 TBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
- `; k; z# q) sCredit Suisse continues "outperform", 12-month target price is $20.00
! p7 A; G) Q1 CDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00' }, [/ }3 R8 ]- @, B4 R
GMP Securities maintains "buy", 12-month target price is reduced to $17.00; _, ~ ^+ q" b0 O
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
) d( h0 c" Y8 E1 G$ r5 H! x! RScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
( a) e2 L: R' }+ vHeld investor day( u0 N8 g. E3 L' B; o! p
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)) F4 W1 U5 A" d ], R7 E3 A
Reduced distributions by 38%; guided for lower capex5 W/ B3 g: k% A9 i) w7 u( V
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00( V1 R: r2 h' B9 w8 K7 R; B7 w
Dundee Capital Markets continues "buy", 12-month target price is $12.00
8 J( h' q) i, |1 N- L5 e" Q$ OTD Newcrest continues "hold", 12-month target price is $7.506 B9 ]* z( z0 J3 r- B- s2 K6 R
9 N5 D* v" Z$ e( @, TEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
6 r' @" w! w- o1 Z0 ?& gSteady market and currency tailwind
0 |# e, x5 U2 XTD Newcrest maintains "buy", 12-month target price is US$5.00, `2 Z& h7 F' P9 z, b
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Goldcorp Inc. (G : TSX : $29.74)
( c6 Z" @$ A1 d+ P/ O: g, JRevised commodity forecasts* _" I0 |* h9 |4 {! m* p- G9 a, p
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.008 I( P# f4 X1 X+ y! x; q5 X5 j
7 b/ F$ \ e, ^, H8 S1 f+ q; H2 E' uHeritage Oil (HOC : TSX : $3.77)
4 y9 y2 ]' O6 k' Q' E6 e7 {8 @* pAnnounced Ugandan commerciality on exploration success
1 l! b2 w6 L8 u B* F! _& FTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
8 ?% ^3 R0 X$ Q/ YRetail division suffers
3 \1 g6 [: m( F3 yDesjardins Securities maintains "buy", 12-month target price is $12.603 X# D9 O6 Y1 R+ ^
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Laramide Resources (LAM : TSX : $1.84)
8 g. N, O' C- b: t$ Z& ~Westmoreland provided more high grade at Redtree's Jack Lens! C* Z5 C8 G. E5 N+ M k' U
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
; h" O+ ^9 x2 n& N) k$ _Released Q3/09 results: very strong, focus should be on active backlog
1 O9 D7 q* R1 UGMP Securities continues "buy", 12-month target price is $9.00
3 |& g: \* `7 P6 e; xRaymond James maintains "market perform", 6-12 month target price is $8.25! s g9 v9 C7 v( e- I/ k( \- r* o
5 o5 e+ _7 @: J& l" G6 S8 u' U( PLivingston Intl Income Fund (LIV.UN : TSX : $6.00)+ s# h# Q; O% g" j
Reduced distributions by 70%3 p0 k* }2 k" N
RBC Capital Markets maintains "outperform", no target price reported$ Y, ^+ T' ?8 t8 b5 x( o1 h+ ?
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)# {& b. G+ z' b5 c
Released Q1/09 results: a little light, but still respectable# g& E2 v9 i4 G( X, y2 M
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
" F6 n! U) w% P: j" DParadigm Capital maintains "buy", 12-month target price is $4.00
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" h7 K& s7 X; [3 `Mullen Group Income Fund (MTL.UN : TSX : $10.97) T! D5 L, B0 d& I6 h9 G
Expecting lower CFPU on higher taxes
9 x H" ]9 O! j" U" x$ E; _' c/ sBMO Capital Markets continues "outperform", 12-month target price is $18.00# t3 [0 Z$ _) r1 P+ S* i* h
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
3 A: m; x/ a9 a9 h# C1 D+ ETD Newcrest continues "buy", 12-month target price is $17.00" S6 A4 V+ g4 L1 W B, m
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
& z7 Q) E, E: a2 l8 L4 d: b3 FReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain; z" d ?4 U. c
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
2 J- J& b! m: f7 C$ OCredit Suisse maintains "neutral", 12-month target price is US$1.00
9 p( F0 s6 \+ t4 y6 `Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80. M, M% S# M: J* R# ?5 ?( X+ i! ~( e
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
4 h$ I: _# t7 I0 K0 ADietary supplement business facing headwinds
8 h! g8 u" z4 ~/ D+ X8 ~Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00: i" \- [: E/ S# r( e
* Q8 L* c3 C) COpen Range Energy (ONR : TSX : $1.18)2 j- u) {$ W2 g% Q6 F( n' O% h/ q
Provided operational update and F09 guidance; p9 o0 b A4 T0 i# f( x
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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7 Z% t, O1 }/ W! S; v3 A% o9 jOsisko Mining (OSK : TSX : $3.13)* K$ N7 J2 }0 R: Y
South Barnat resource around the corner
$ g* p: M6 ^# F' tParadigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
/ i) ?9 |7 I* W7 {* r7 iProvided operational update
/ X+ o8 ?- V+ [+ w5 BBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
9 Q+ F0 q/ {. L* ~1 V8 D% c4 uTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.508 O' s/ X; N7 x0 c+ `' m
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Paramount Resources (POU : TSX : $7.85)
# o% E) R% j2 [) F. \5 XProvided operational update: Grande Prairie emerging as the key focus for F09
$ z0 @1 b' X$ A0 F s1 r$ T1 @GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07); S1 T6 B" D5 z) N
Operations starting to turn the corner6 w9 \" W( _3 O: I
RBC Capital Markets maintains "outperform", no target price reported4 |% v1 p) u: Z: m
6 ]3 ~$ A, h p( H. h9 rShaw Communications (SJR.B : TSX : $20.13)" Y) n! j! T4 ~! |
Released Q1/09 results: in line, subscribers ahead
- S7 `- D2 ] q! W0 ]Credit Suisse maintains "neutral", 12-month target price is $25.501 S s3 Z E$ V# B# _6 ~
GMP Securities continues "buy", 12-month target price is $26.50* D$ \% u/ i# w. B* E$ M& ^
! @: x: O6 q% W& @% |) a, i( N6 w% zSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
1 ^, U3 F4 r/ O' e0 E/ F a. kHeld a sell-side lunch showcasing new U.S. team
$ [) X/ C0 b9 U9 }! X4 e9 v0 i+ MScotia Capital Markets maintains "sector perform", 12-month target price is $33.00% M4 N6 F+ t; {
' [4 z: D' E$ f5 vTrican Well Service (TCW : TSX : $6.93)
# B: }8 J I) f; UAwarded Russian contracts0 }9 k7 }; O V7 V/ o; v( P
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75- f: B! w. ]4 g* k7 J5 G+ F
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
" K8 w$ ?$ H1 J+ |1 @1 Y# IRBC Capital Markets maintains "sector perform", 12-month target price is $10.003 j, s& ]0 I" p" H* N
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Sino-Forest Corp. (TRE : TSX : $8.93)2 ^" { n1 n8 d3 i4 [& P# u
Chinese furniture exports rose in November
# k5 L& j$ J. v+ BDundee Capital Markets maintains "buy", 12-month target price is $23.50
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) P, e: t+ c w0 l1 ?' k/ X+ DUEX Corp. (UEX : TSX : $0.88)
: H2 K+ m) E. y. LShea Creek's two largest deposits have become one6 l) Q/ E9 V4 i0 q0 S
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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+ I- B6 p2 K+ i2 s ZVero Energy (VRO : TSX : $4.72), e( G( O& _$ l: w9 [9 H8 P
Released Q4/08 results: horizontal focus to continue in F09+ O3 ^2 G: P) ]7 Y
Dundee Capital Markets continues "buy", 12-month target price is $8.007 d7 U. @* P$ _! ?' Z1 s6 D
GMP Securities continues "buy", 12-month target price is $7.507 N2 f2 S/ N! p$ P! ?1 ]
Paradigm Capital continues "buy", 12-month target price is $12.007 s5 l2 Q/ U" A7 n# p6 v6 Q
RBC Capital Markets maintains "outperform", 12-month target price is $8.50$ z s0 ]' r/ P+ i, P: f
) B! |# J+ Z& P: |5 a1 QWi-Lan Inc (WIN : TSX : $1.75)& _0 a& ]. q( n2 P6 q+ I' e5 n8 z8 {
Hit homerun with Samsung5 O6 \, G3 |- T# d5 M
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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