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Ear on the Street --- Jan. 16 2009. }$ e5 h$ o8 H6 p. `
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Absolute Software (ABT : TSX : $3.36)# `6 }* W8 H' D. {4 S
Bracing for a tough few quarters6 V( b* ^- I. d0 I% W/ ~
Canaccord Capital maintains "hold", 12-month target price is $4.50: x/ c M2 r3 |/ w) j) x' F
) y' t5 M- \, Y$ O& H9 C( yBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
+ w$ X0 L/ B9 z2 N% J' oGrowth outlook, challenging pipeline and high cost structure make future unclear
1 L7 q, a: l" ~ WBlackmont Capital continues "hold", 12-month target price is lowered to $48.00- _: o! `9 @# c& j3 p" z
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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( q1 d5 O3 ?' w; YAstral Media (ACM.A : TSX : $22.98)* { U* }" A' P3 O6 f
Released Q1/09 results: strong, in light of challenging operating environment
6 U1 q' R. ^% B4 ^* `BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00& `$ v" X8 D' Q1 h( K
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.007 E# V% N M$ j* l. `& f: B
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
8 t: \ W f& W' pRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
, K9 W6 b$ \' C* G7 Q: ^% ~Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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/ o! M# [: v; R' n: n; P9 `9 KAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)4 m8 W+ ~8 r) _; b& V6 [: Y3 j/ |0 \
Well positioned with gold production forecast to double this year and next0 D: p9 V. F- C
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
7 \! E# y, B9 ]$ |" \4 pTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.001 K7 A$ P F. _
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ARC Energy Trust (AET.UN : TSX : $17.15), {0 [2 K/ s R! v
Reduced distributions by 20%; capex also cut
5 `' A E1 E. V; t2 }( l; b5 FRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)& E& P. f* l! }+ S
Announced F09 outlook
; d* q$ a/ n; g- O+ n# O) E5 bParadigm Capital continues "speculative buy", 12-month target price is $2.25- y6 \# |* e& m& J
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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, W$ J- _* _/ `7 l$ ~* N7 `Bombardier Inc. (BBD.B : TSX : $4.65) i/ ~0 B% z% K
Rising challenges in Aerospace
& u* i B6 m: ~) n0 ?* ?GMP Securities continues "buy", 12-month target price is $8.006 C3 _6 [7 b5 B; l
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Bank of Montreal (BMO : TSX : $31.84)" d7 l0 d6 ~9 c y1 G' ^
Acquiring AIG's Canadian life insurance business- P! F4 x, v7 p8 N
TD Newcrest continues "hold", 12-month target price is $37.00
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- }5 x. s6 K/ QCogeco Cable (CCA : TSX : $33.37)# }2 H* G/ Z0 m- A( N
Q1 review: Canada results encouraging, but Portugal remains a drag: c$ r/ \+ }# l' u& i4 A
BMO Capital Markets maintains "outperform", 12-month target price is $46.005 I8 h/ w& T5 u9 j+ x
Desjardins Securities continues "top pick", 12-month target price is $40.00
& O5 B2 X! A! C+ w, B& S: A3 {RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00* R( F- S) a5 W T ]
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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( w) L( u$ t9 p' g0 fCorridor Resources (CDH : TSX : $2.45)) Y( [8 x* v/ G4 v O7 \5 d
Capital budget set to expected cash flow; production guidance lowered; a3 S* t" M. X- V4 b& l
RBC Capital Markets maintains "outperform", 12-month target price is $4.255 L- C+ ?5 b- ?! Q8 O% r
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COGECO Inc. (CGO : TSX : $25.14)
# y: k3 U5 v/ X gStrong radio and cable drives 39% EPS growth
: V' ? ?& ?4 J! \0 ^5 dScotia Capital Markets continues "sector perform", 12-month target price is $45.00) b. `6 b/ n# s! ~# B% s0 {4 J
. o1 z) B9 g n8 E: [CanWest Global Communications (CGS : TSX : $0.51)' c% u( M9 \9 f @) Z
Taking action to address tough operating environment1 F$ ], N ^2 N
BMO Capital Markets maintains "underperform", no target price reported5 P+ t& x7 n% e. x; o
Credit Suisse maintains "neutral", 12-month target price is $1.00
; | E0 R9 R# _8 v2 L e, qGMP Securities continues "reduce", 12-month target price is $0.50
* `: b' K# a- D$ u! l' uRBC Capital Markets continues "underperform", 12-month target price is $0.75
M: X( E, o) P- Q0 iScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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: b7 X- J* g7 ]; T. x1 g* uCorus Entertainment (CJR.B : TSX : $12.47)
3 ~8 q" k$ ]4 NQ1 revenues in line, EPS beat
: X; U- i* A9 |8 x2 b/ w E6 bBMO Capital Markets continues "market perform", 12-month target price is cut to $15.000 E5 e' j/ F, U3 u$ j1 e; w: u' e
Credit Suisse continues "outperform", 12-month target price is $20.00
" p5 M; h: T' h' w9 U* p7 tDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00' u2 A0 `' W" m. a
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
& K, s+ {+ r, A( c- D0 |* b- m9 ^; vRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
2 I; y/ G7 H( c* x8 V9 E5 SScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
( k. v H5 u+ tHeld investor day
* y) ^( [! A7 P, F* Q, eScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
& f1 W! a& M2 p: [0 V( r1 f+ LReduced distributions by 38%; guided for lower capex
3 R I7 r2 |3 D- c4 K" ^BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.002 I0 N5 @% |9 M4 @
Dundee Capital Markets continues "buy", 12-month target price is $12.00* A* z7 p# p8 V
TD Newcrest continues "hold", 12-month target price is $7.50
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7 n$ `9 }- z1 g$ k. A8 UEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)0 k' d1 n& _+ t7 z
Steady market and currency tailwind1 D, F; ?1 d% I# ]
TD Newcrest maintains "buy", 12-month target price is US$5.00
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# u' x$ e. p4 d! \, q2 i8 qGoldcorp Inc. (G : TSX : $29.74)/ t7 Y! i% O( Z6 J2 A
Revised commodity forecasts
# E# `# N- N0 c$ w; ^, N1 JBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00/ k" ^% R a$ Z1 ], h" s
8 Q- V* V: y' wHeritage Oil (HOC : TSX : $3.77) Y. d; F3 s4 v$ C2 O
Announced Ugandan commerciality on exploration success
7 J- D' J t8 G4 C) e3 P5 QTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)/ U4 E! Q2 L) k( P2 P
Retail division suffers
! P; `6 a- Q# i3 E& d) \Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84): q- Q. v' S0 F2 s
Westmoreland provided more high grade at Redtree's Jack Lens8 \, t/ |. o! `* h6 d
Dundee Capital Markets continues "buy", 12-month target price is $2.30' ~2 M# G+ \* m# V4 F9 _
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Lockerbie & Hole (LH : TSX : $6.00)- E- }) x! N" b0 t
Released Q3/09 results: very strong, focus should be on active backlog
* D5 L# K7 d6 P0 ~% AGMP Securities continues "buy", 12-month target price is $9.00
- f+ A; j1 o0 J1 BRaymond James maintains "market perform", 6-12 month target price is $8.259 z S- E3 W" a( m) o2 s9 [, l& T+ S' ~
% j6 T: n5 @4 r6 B( C+ K9 J+ s; ~Livingston Intl Income Fund (LIV.UN : TSX : $6.00)# I. y" u, A7 {: @ {+ U( i
Reduced distributions by 70%+ q. g' { i6 G H7 R9 l0 Y3 d
RBC Capital Markets maintains "outperform", no target price reported
" Q7 ^+ q" {; N0 C; `$ \Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50! V1 V5 C9 N- k: o1 W8 S+ [+ M
2 p8 `$ |9 \$ H- ] SMatrikon Inc. (MTK : TSX : $2.04)
4 a/ b9 D* t( A8 V- SReleased Q1/09 results: a little light, but still respectable
' |6 s2 {. ~& z; H$ EBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
7 o; v, p0 x+ o8 H1 k- jParadigm Capital maintains "buy", 12-month target price is $4.00
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9 P! q* \. U9 YMullen Group Income Fund (MTL.UN : TSX : $10.97)
1 O# f% ]+ ]7 O2 P* ]& P+ pExpecting lower CFPU on higher taxes
2 H+ V( D) e& C8 Y4 w# fBMO Capital Markets continues "outperform", 12-month target price is $18.00. N7 z! m9 r. F8 p
RBC Capital Markets continues "sector perform", 12-month target price is $12.00) d0 o) _/ U4 X( D! R' m' q
TD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
( L- u* G. ]! f8 T4 `Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain0 y. h( ~& S, K9 e) a
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
8 I8 X7 L; q$ U8 ^Credit Suisse maintains "neutral", 12-month target price is US$1.00
; D, O( L9 D1 R0 A" t3 x/ {Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.800 y, k# e/ P' K: C( L/ S6 ]' ]
( B3 O8 t1 e2 f: g, DNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
/ `# _; f; B" rDietary supplement business facing headwinds
! k& y( K1 M- z% ]# Q- wParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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6 a+ K+ o6 u+ B0 ~2 I* D- L( _Open Range Energy (ONR : TSX : $1.18)# K8 ] R' \: K5 Z0 C
Provided operational update and F09 guidance' Y9 Q' r, X, b
Haywood Securities continues "sector outperform", 12-month target price is $3.25: T9 n3 I# X! @1 D4 }
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Osisko Mining (OSK : TSX : $3.13), Z5 C2 B( M3 M$ k2 f t
South Barnat resource around the corner
7 t; Y- Y( r; c! V3 ~! iParadigm Capital continues "speculative buy", 12-month target price is $4.75
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j' n8 c4 B$ w9 q- ~# EPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75), p4 k1 R# g Y" P6 ]
Provided operational update
5 E, E1 z7 i% X, W( P6 T/ }8 xBlackmont Capital maintains "hold", 12-month target price is lowered to $19.006 w5 _0 T1 s! N8 x* D2 w
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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7 f( q# o, Q( \ |8 hParamount Resources (POU : TSX : $7.85)5 i+ a: `# n+ w' d# j- I4 |5 i. T. O
Provided operational update: Grande Prairie emerging as the key focus for F09, H1 M Q8 X- n0 I; U
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
0 i' v$ D) M+ m( |/ n8 w7 ?" iOperations starting to turn the corner
6 E: ^8 T- E+ C. | C% o1 ?RBC Capital Markets maintains "outperform", no target price reported. P A7 Y' w1 R
1 x: i7 n. L: y! p8 ]Shaw Communications (SJR.B : TSX : $20.13)1 i* ^8 Z% ?4 J0 ^2 O- h3 Y
Released Q1/09 results: in line, subscribers ahead
2 {0 ?6 \& D. q2 i; {; ZCredit Suisse maintains "neutral", 12-month target price is $25.50% t5 h% K$ G. i: l; [+ l' M' l! y
GMP Securities continues "buy", 12-month target price is $26.50) q5 u! [: b- x
: ^: t* p/ Q H; USun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
( _' e* a' `- v. N7 u8 ?6 \0 g; _Held a sell-side lunch showcasing new U.S. team+ a( e, b+ E! {0 {
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00; f0 \/ k% c3 K) n/ u) b: e
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Trican Well Service (TCW : TSX : $6.93)* V2 s! s, m& {8 g7 a4 L
Awarded Russian contracts
9 Y6 K9 a3 @/ E D! @, ]Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
3 }0 @) A# U2 @) [1 l/ H6 ]& fRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00; r4 }6 m: b4 m" O0 }: d
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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. S, B" y% A3 P6 ]7 _8 ?Sino-Forest Corp. (TRE : TSX : $8.93). h2 b# w4 Z& T
Chinese furniture exports rose in November
! T# H9 ~9 \* ^" ~! b0 P$ g* lDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)( C! l* I. z5 p
Shea Creek's two largest deposits have become one- n4 B6 A$ ^4 ]- Z7 w$ U2 e2 u
Dundee Capital Markets maintains "buy", 12-month target price is $2.753 O* W# b3 k8 R; f2 K% W0 ]+ J
% }# o$ A3 a: j: rVero Energy (VRO : TSX : $4.72)" B; U) O0 U# z: w& F# i) Y
Released Q4/08 results: horizontal focus to continue in F09
7 p( ~) \+ J! O" ?& ^0 S; S/ sDundee Capital Markets continues "buy", 12-month target price is $8.006 T# y" G& \0 ^) G9 \* U! H
GMP Securities continues "buy", 12-month target price is $7.508 L! d3 a# Y5 s# h( Z# G3 y
Paradigm Capital continues "buy", 12-month target price is $12.00& S) ~4 C% N! u+ g- F
RBC Capital Markets maintains "outperform", 12-month target price is $8.50, C( H C* ]2 m" C" a! j- n5 m
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Wi-Lan Inc (WIN : TSX : $1.75)
) Y; R9 a+ q5 r# [Hit homerun with Samsung
1 ^: H3 E1 x3 U, u6 OParadigm Capital continues "buy", 12-month target price is $3.50 |
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