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Ear on the Street --- Jan. 16 2009
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4 r& m1 f( t* t @. [Absolute Software (ABT : TSX : $3.36)
5 @0 X5 U* ], @- g% g( L1 T0 H, X! YBracing for a tough few quarters
% E; Z$ U; _: K3 HCanaccord 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)
- r# Q3 c; z, d# oGrowth outlook, challenging pipeline and high cost structure make future unclear
9 w: s6 _6 Q3 r( NBlackmont Capital continues "hold", 12-month target price is lowered to $48.008 W' E _$ y$ [% H
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). O) Z3 t5 J8 R: R
Released Q1/09 results: strong, in light of challenging operating environment
' d% g( \ k7 E+ _5 E1 GBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
7 i- Q5 a2 _/ T% `& h, |Desjardins Securities maintains "buy", 12-month target price is slashed to $28.002 K' ]/ w/ p- \2 J1 u! n- r
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
& G+ y$ h' i: |+ qRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00' X) @6 U- J& ]& S
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00. c* Q; A, h# ^( X) |+ R8 v
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)( d& F. M( P9 D; R5 o2 B5 d) Q$ b
Well positioned with gold production forecast to double this year and next6 V* K7 @* M( ?: |
Blackmont Capital continues "buy", 12-month target price is lowered to $83.003 @' C! G, x) M! ~ f: { c
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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) K0 {# K& H5 M' j0 j4 @& FARC Energy Trust (AET.UN : TSX : $17.15)
( c/ o- `) n S' C& S+ U6 XReduced distributions by 20%; capex also cut
5 l" w, ~* x: n8 \' FRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
2 N' M8 |2 b! P: U4 eAnnounced F09 outlook
2 s# \' w' Q. S% u. C3 p4 E' S& F( M# SParadigm Capital continues "speculative buy", 12-month target price is $2.255 I& i1 W# x9 I* e8 w
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00 w3 u/ z. G6 W8 }/ c! T6 @
3 [2 F% u8 \9 g; C% xBombardier Inc. (BBD.B : TSX : $4.65)+ D ]8 W5 ?$ T, d, a' m- t2 [. f
Rising challenges in Aerospace
f) w+ T$ l5 j0 G' g# K2 lGMP Securities continues "buy", 12-month target price is $8.006 }) F3 Q, Q. m& `# z( P
/ n0 U( U0 S- r6 X+ vBank of Montreal (BMO : TSX : $31.84)
( A" t! s! [# `/ |* aAcquiring AIG's Canadian life insurance business
: z1 |% B3 r9 N) BTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
6 Q/ T- K- k/ k2 O* ~1 S# H2 aQ1 review: Canada results encouraging, but Portugal remains a drag
' H+ ^6 W) ?0 y9 mBMO Capital Markets maintains "outperform", 12-month target price is $46.00
7 e: D7 ?# @ ]& `* QDesjardins Securities continues "top pick", 12-month target price is $40.007 A5 d: i4 D7 i2 z
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
# a/ f! T7 Z# ?$ z- ~3 x9 p* TScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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) u% c- s# ~* L! d5 E6 X& J2 TCorridor Resources (CDH : TSX : $2.45)
. y$ }5 u; U7 p) ?) f3 xCapital budget set to expected cash flow; production guidance lowered d2 |, f& P3 L9 R- f# I _
RBC Capital Markets maintains "outperform", 12-month target price is $4.25. [# q2 P) f+ x: h! J8 T& P
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COGECO Inc. (CGO : TSX : $25.14)
3 F7 G+ f; o) S" K( A4 ZStrong radio and cable drives 39% EPS growth
. \- ]+ P( s" A. h; K, jScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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! I- k, B3 }0 n5 F: U5 \- @: `CanWest Global Communications (CGS : TSX : $0.51)
" G/ Y0 _/ ]+ p3 a9 a3 v' dTaking action to address tough operating environment
9 `8 F& C+ }; GBMO Capital Markets maintains "underperform", no target price reported1 c5 F4 s) d" S9 {& E Q
Credit Suisse maintains "neutral", 12-month target price is $1.00
! V( b% J. n; Q3 z3 P' iGMP Securities continues "reduce", 12-month target price is $0.50+ v( \5 k1 U2 Q
RBC Capital Markets continues "underperform", 12-month target price is $0.75) k% g: A$ P( m; D
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.504 R3 D6 x9 }$ s6 ^- w9 P9 g1 v
/ p; e2 e2 [) a! u9 M, DCorus Entertainment (CJR.B : TSX : $12.47). C7 D' {9 Y$ X0 Q% E7 B- S( C
Q1 revenues in line, EPS beat$ A0 `& _9 p/ I2 T* o& y; x
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.009 p6 n# j8 c: e, R' s
Credit Suisse continues "outperform", 12-month target price is $20.009 ], O. J& i& W9 d# f- q
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00' y. _0 u( [7 r; } v* v
GMP Securities maintains "buy", 12-month target price is reduced to $17.00/ q" \, _7 @) f7 }! P0 Q
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50* D7 l0 m& w# t! p" ^% H
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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. d% G6 [9 y" Q/ i ACalloway REIT (CWT.UN : TSX : $11.84)
$ X' K! x; E9 `4 n5 tHeld investor day
h4 k0 ?3 |. H0 w) s1 j3 e: }3 g) ZScotia Capital Markets maintains "sector underperform", 12-month target price is $11.003 }: W! M' Q) M8 w$ [1 E+ a
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Daylight Resources Trust (DAY.UN : TSX : $7.77)) G9 U& x4 y3 h6 ~
Reduced distributions by 38%; guided for lower capex
" A1 I, S6 ~/ rBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.005 R8 F6 x* m5 ~3 g4 n0 L1 \" k
Dundee Capital Markets continues "buy", 12-month target price is $12.00
& j" N! A/ _1 `0 t( O& o$ xTD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)& n0 ] b" d# o5 a, Q
Steady market and currency tailwind. E& j9 W7 ^7 t5 j- G- X* p6 Q( d
TD Newcrest maintains "buy", 12-month target price is US$5.00& r# y' k9 W4 U" I' H9 h
k" d0 d+ h$ \, eGoldcorp Inc. (G : TSX : $29.74)$ J7 t/ E" i! d6 G4 U4 K
Revised commodity forecasts/ f1 ?( m# V$ [2 ]4 u
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00) T% @; c& [ {3 v+ F% H( D
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Heritage Oil (HOC : TSX : $3.77)! p# E( f* _4 H9 p$ h) h Z
Announced Ugandan commerciality on exploration success
$ |" s e @- E7 M" D4 {, tTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50+ i3 g+ Q8 v* S, L5 a( N
" }# S8 J2 ^( a+ a2 y, f# bHarry Winston Diamond (HW : TSX : $4.98)- d- A R- n# c. h; k: P. V( {
Retail division suffers
: p, [: C8 Y8 T) _0 u4 K1 jDesjardins Securities maintains "buy", 12-month target price is $12.60
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+ [. n+ S+ k' B3 C" t) wLaramide Resources (LAM : TSX : $1.84)
v7 `( ^# ^2 l; f- O0 J8 c1 TWestmoreland provided more high grade at Redtree's Jack Lens- k" A/ r9 W {" a& O2 ^! X
Dundee Capital Markets continues "buy", 12-month target price is $2.308 m/ ~% M V7 @2 m- N, c
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Lockerbie & Hole (LH : TSX : $6.00)$ F& p; q' v9 b( t
Released Q3/09 results: very strong, focus should be on active backlog% q2 y" ?( U& U$ {
GMP Securities continues "buy", 12-month target price is $9.00
8 Z c$ H! a$ Q$ B% v) @, a* uRaymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)- |6 g0 |0 k7 T" `- |. B+ G- f7 V. i5 s
Reduced distributions by 70%3 e* S5 w/ M7 U1 c! G, h7 u4 h% {
RBC Capital Markets maintains "outperform", no target price reported+ G0 x3 f; Z' g$ M% r
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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9 Z3 b$ Y* P$ ]) M+ d# g4 ^3 ?Matrikon Inc. (MTK : TSX : $2.04)
# f# \: | X" x% b& ~: hReleased Q1/09 results: a little light, but still respectable
1 P; K. i# k; c2 b/ d- oBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
6 Y5 J5 R1 o+ N7 QParadigm Capital maintains "buy", 12-month target price is $4.00- J& m, n4 M. ?5 ~* B, [" }6 [
J9 S' g; i9 a& GMullen Group Income Fund (MTL.UN : TSX : $10.97)% N6 u' N9 G, ?) a" ^
Expecting lower CFPU on higher taxes& M+ ^3 K) K7 K7 K, w
BMO Capital Markets continues "outperform", 12-month target price is $18.00
. N+ Z+ ~+ }8 M1 A+ a5 Z, h. bRBC Capital Markets continues "sector perform", 12-month target price is $12.00
, V, v& p5 i4 m/ zTD Newcrest continues "buy", 12-month target price is $17.005 x. G7 `7 K0 v! v. ]
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
2 X7 }/ s! o$ y3 tReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain, l8 M9 W, J) C# n# h2 _7 {
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
% f" O4 Y+ \8 g# HCredit Suisse maintains "neutral", 12-month target price is US$1.001 K' j% F) ~8 N: v. h7 x* V
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.807 @/ W7 \8 s$ w# c
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)$ o6 f3 L7 R- c& r
Dietary supplement business facing headwinds
& [- u# h3 b: C& c% LParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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) j0 [6 {4 ]+ k I9 hOpen Range Energy (ONR : TSX : $1.18)
9 s! |& T' ^, N |Provided operational update and F09 guidance1 f, B+ ^2 {# n6 {) r9 L( p# t
Haywood Securities continues "sector outperform", 12-month target price is $3.25. g$ B+ Y$ g- J2 m( H( x7 P
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Osisko Mining (OSK : TSX : $3.13)- r0 N* F# T+ x' g z4 V E$ X
South Barnat resource around the corner" D R/ y c- D K* a8 `- _
Paradigm Capital continues "speculative buy", 12-month target price is $4.75; {7 q# y. p6 p/ N) z# F
8 G u& e! ?6 ^7 z4 r% |5 E$ RPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75), J. S1 |' G: k. `" M+ {
Provided operational update6 H+ S" G, e3 ^ \
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.008 Z7 V) D& ^4 _; t$ S; G
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50% v. G6 u1 n% i$ _5 @
8 \( u: T* e3 oParamount Resources (POU : TSX : $7.85)
( |2 Y: b: e/ w' \7 n# KProvided operational update: Grande Prairie emerging as the key focus for F09; ?( P! G' s) t# [9 e' u
GMP Securities maintains "buy", 12-month target price is $12.00
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: ^" V$ v1 f$ E* pRockwell Diamonds (RDI : TSX : $0.07)5 F) a3 d0 d7 i
Operations starting to turn the corner
! l! n H# l8 z! FRBC Capital Markets maintains "outperform", no target price reported
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6 g9 `! ?8 G0 y, i7 FShaw Communications (SJR.B : TSX : $20.13)
! P) a$ m( |3 M9 v& Q; MReleased Q1/09 results: in line, subscribers ahead
% H& t# p! b1 `7 j6 bCredit Suisse maintains "neutral", 12-month target price is $25.50! G% |+ ^" T- Q C% F
GMP Securities continues "buy", 12-month target price is $26.50) R% _0 P4 P4 l6 T4 T$ }& j
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
2 v* C) z+ X3 XHeld a sell-side lunch showcasing new U.S. team
) P. S: d) F/ I# iScotia Capital Markets maintains "sector perform", 12-month target price is $33.003 z0 r# ]" F% O* ?/ E* T
- X ~/ b0 t+ l" zTrican Well Service (TCW : TSX : $6.93)
. C( r% d2 t5 s4 M" V3 EAwarded Russian contracts* b+ X$ g* D8 G- }
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75% e, w {6 Y' t* { _4 q
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
4 z* V) O3 R7 oRBC Capital Markets maintains "sector perform", 12-month target price is $10.00 |3 E* n& G) @% [% W1 h" O) C3 E
/ s1 u9 E8 T' E' ^Sino-Forest Corp. (TRE : TSX : $8.93)
! i- v* x1 S0 h/ P5 W/ iChinese furniture exports rose in November( p, L' U( a$ v8 C9 q: M
Dundee Capital Markets maintains "buy", 12-month target price is $23.50! _; `- y+ c0 G+ |. J
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UEX Corp. (UEX : TSX : $0.88)
6 u# r- T2 F; tShea Creek's two largest deposits have become one P) V0 F5 M9 r/ m- m) {- [
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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2 |- \* [, ?- l) Q7 ?. K/ p6 YVero Energy (VRO : TSX : $4.72)
; g. B: P9 w Y# a, _8 ?# `Released Q4/08 results: horizontal focus to continue in F09
2 r* A+ K1 l8 o) k% c% P% LDundee Capital Markets continues "buy", 12-month target price is $8.00
0 \8 y3 x5 J- J+ A+ _5 ]9 S9 t8 H7 lGMP Securities continues "buy", 12-month target price is $7.50
- Z/ F0 x2 \* ~1 |; \Paradigm Capital continues "buy", 12-month target price is $12.00( l9 n; l D4 Q
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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# K4 v. r$ f/ @Wi-Lan Inc (WIN : TSX : $1.75)
3 C6 M9 ]' D; Z9 p3 C4 AHit homerun with Samsung
3 s" M. P5 B" u3 g, T1 yParadigm Capital continues "buy", 12-month target price is $3.50 |
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