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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
4 [' j: h+ G# T3 NBracing for a tough few quarters u* X8 a) ]1 s& G
Canaccord Capital maintains "hold", 12-month target price is $4.503 e- r+ X+ z q9 X, ]9 Y( y
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
- a4 K5 s& v' j! o+ p3 TGrowth outlook, challenging pipeline and high cost structure make future unclear% m. G7 V0 ~+ k& d; o2 R! ]8 C9 L4 v
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00. t& l& V0 k8 K0 p
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00$ f# ?+ @+ h4 _7 t2 _
% T& Z# ~4 `: M& j+ I8 pAstral Media (ACM.A : TSX : $22.98)4 U- ~/ `, v5 Q) t4 C6 G
Released Q1/09 results: strong, in light of challenging operating environment. r; ^& H0 X v) L
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00" b1 Y- c, }5 h: s# k+ f6 a1 C
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
[8 Z. f$ `- Q9 ^GMP Securities maintains "buy", 12-month target price is reduced to $30.00
) O" g# o8 d( D b/ R. tRBC Capital Markets continues "outperform", 12-month target price is raised to $31.001 \& p; p4 r' I3 g% g
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00! d1 u7 u# \/ \4 {" W
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)$ x. B" I8 L2 W0 j. J& p$ m$ V$ q
Well positioned with gold production forecast to double this year and next7 ~ `1 e9 k7 G+ n
Blackmont Capital continues "buy", 12-month target price is lowered to $83.004 O) w" A. y0 Z
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00; L7 @8 r! J9 ^- r! T0 |7 c1 Q
; T) H9 U$ ~. ^# D/ o6 wARC Energy Trust (AET.UN : TSX : $17.15)
. B+ @1 M! @0 R% c$ C4 i3 t$ mReduced distributions by 20%; capex also cut% F" u+ T! l1 o9 z' [4 }
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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" ~+ I* r+ R& a7 ]' V, T iAndean Resources (AND : TSX : $0.75)
! y% ` B9 }* |, Q- x; EAnnounced F09 outlook
9 `' n0 u6 b5 lParadigm Capital continues "speculative buy", 12-month target price is $2.25
+ d s8 J; h# T9 hTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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. M6 l4 \% d( g: `2 {- A$ xBombardier Inc. (BBD.B : TSX : $4.65)
- d3 B1 P, z* N$ p' O9 R d9 TRising challenges in Aerospace" o; H$ k0 D5 K
GMP Securities continues "buy", 12-month target price is $8.008 q8 l) n3 e0 c0 f% H+ n7 `
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Bank of Montreal (BMO : TSX : $31.84)0 n+ \2 o; i0 B; k! d
Acquiring AIG's Canadian life insurance business" X, B0 I; H, ^7 Z+ a- R1 R( x
TD Newcrest continues "hold", 12-month target price is $37.00- Z7 {* N S7 X% m3 _ a
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Cogeco Cable (CCA : TSX : $33.37)
- }3 w) g3 b# n9 {2 fQ1 review: Canada results encouraging, but Portugal remains a drag) }0 V/ A! o3 I& o- ~0 D
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
' i7 ?& }5 ~! J" NDesjardins Securities continues "top pick", 12-month target price is $40.00
s& M! E; W( m1 X3 e) jRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00, J$ b, q% r# Z' n- ^
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
) S. i9 @2 y' I- |; FCapital budget set to expected cash flow; production guidance lowered
: r* M% D3 i+ NRBC Capital Markets maintains "outperform", 12-month target price is $4.259 {* S- N K$ I/ {9 g, i8 r) F
3 s/ g' r' W) a! ?' p; VCOGECO Inc. (CGO : TSX : $25.14)
% y- T6 Z- d8 p- ], SStrong radio and cable drives 39% EPS growth
" W8 w5 X2 j6 @ O2 k8 T; k3 VScotia Capital Markets continues "sector perform", 12-month target price is $45.008 }1 W8 L+ R1 C7 q8 P
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CanWest Global Communications (CGS : TSX : $0.51)
- @& X4 T% u! W1 \/ ?$ v* TTaking action to address tough operating environment
|! e, \- n0 Y4 I8 xBMO Capital Markets maintains "underperform", no target price reported
2 A5 y# c, B6 L' c; QCredit Suisse maintains "neutral", 12-month target price is $1.00
' j1 t1 g2 O5 }. N& CGMP Securities continues "reduce", 12-month target price is $0.50: S4 _3 m* d7 }5 \0 X% L
RBC Capital Markets continues "underperform", 12-month target price is $0.75
- \ B* i+ X9 F- _- KScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
# w* s$ J7 `: }3 ?( b% M2 U( B+ e6 IQ1 revenues in line, EPS beat
$ C3 M+ O8 | s. gBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
3 q2 o! P! y$ x4 a! D" l" vCredit Suisse continues "outperform", 12-month target price is $20.00
7 q( V% z+ }7 u! C8 yDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00. s8 L+ S3 K3 A4 Y4 R; U7 U
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
7 w( o1 X+ o) I& S+ kRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50$ z( K0 ?0 p; d) o$ k) P
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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/ ?# h6 v5 O$ P/ s7 t: j$ lCalloway REIT (CWT.UN : TSX : $11.84)9 c. E2 V2 b2 y# Z
Held investor day
% S4 b9 z; E/ R2 O& i) D( i4 vScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00) P1 D# G; E. h8 n; b1 `
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Daylight Resources Trust (DAY.UN : TSX : $7.77)$ s* \' }( c; ?; e, x" J% Y1 f6 S
Reduced distributions by 38%; guided for lower capex
: z- w0 e' a0 i$ `7 z. _BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ T! Z. l3 m- KDundee Capital Markets continues "buy", 12-month target price is $12.00* {1 S" W2 Q7 S% C% u& O
TD Newcrest continues "hold", 12-month target price is $7.50" K9 d% x0 [* I
C9 b7 ?, T2 V! z i: p& FEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
7 m( X, a9 T7 MSteady market and currency tailwind3 t0 H2 R- z, S& Q& ~& A! q
TD Newcrest maintains "buy", 12-month target price is US$5.00* }5 q( a' o0 B+ c' _
, S+ d& ]5 m+ N. ]Goldcorp Inc. (G : TSX : $29.74)
* p# @* K. g. D [* E5 jRevised commodity forecasts. h0 c8 j' M+ D# F8 B; c
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
& p8 N) a2 [6 D; o3 b* C; ~- \Announced Ugandan commerciality on exploration success
) w; s2 N$ R$ P) w( ] bTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50, k2 o/ A+ b; }: d, F
3 ^' {" r* x ]& Z2 [Harry Winston Diamond (HW : TSX : $4.98)0 g& D, V$ E, X* i: A$ p2 j6 S
Retail division suffers
& v( V2 a, L+ t" kDesjardins Securities maintains "buy", 12-month target price is $12.60, }3 k! e+ ?9 b% T2 h# F
4 v( m1 i; G! v2 g& T, ^+ M, GLaramide Resources (LAM : TSX : $1.84)
; S4 H# m( q8 `' aWestmoreland provided more high grade at Redtree's Jack Lens7 m2 O( M9 ^7 C" P4 m C
Dundee Capital Markets continues "buy", 12-month target price is $2.30& E9 r1 O1 r' B" ^% e: J
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Lockerbie & Hole (LH : TSX : $6.00)8 m |# o6 y3 p) Z4 c
Released Q3/09 results: very strong, focus should be on active backlog
2 u+ ?6 o! d2 A1 P) ^* N8 AGMP Securities continues "buy", 12-month target price is $9.00( }$ {( ^& o8 y6 N9 F5 }' U% ^- l
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
* v4 [4 ?: o8 p4 ?* b- Q1 n3 @Reduced distributions by 70%
( |* i( H9 ~; I" i4 s$ IRBC Capital Markets maintains "outperform", no target price reported
# k# n, O, M, L/ S5 [$ T5 G. Y" D4 P4 vScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)( q: |* W3 a1 v8 {* m' a
Released Q1/09 results: a little light, but still respectable0 C3 t3 |( _4 d# K" k1 D% I6 \/ z
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.502 w7 [" j* k8 s
Paradigm Capital maintains "buy", 12-month target price is $4.00! r4 i6 j9 {( d9 T' I9 g
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
+ Q* Z& T1 k. A5 T9 D+ n) z, gExpecting lower CFPU on higher taxes$ D5 \0 t) _: a( l8 `" i
BMO Capital Markets continues "outperform", 12-month target price is $18.001 O& `- T( J$ Y
RBC Capital Markets continues "sector perform", 12-month target price is $12.002 I: ~2 R% W* S0 Q; N% `
TD Newcrest continues "buy", 12-month target price is $17.00
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1 z# [* B. {5 x5 a( ^Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
8 m" ?( g) r# |( kReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain0 N, e& ~3 H" Q( l
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25) G8 ]( Y% |# @$ }
Credit Suisse maintains "neutral", 12-month target price is US$1.00: V$ t/ ?5 M F7 w8 [0 E9 f1 {) i
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80( |: O$ ^* {" x+ O) x A* {( V
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
: K2 o L$ [) ^) SDietary supplement business facing headwinds0 h; J! A+ E1 g( P# o ]
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00' y" q( R0 c6 K% M# `+ k1 x. ]
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Open Range Energy (ONR : TSX : $1.18)' G. V9 o+ |; m5 _9 p
Provided operational update and F09 guidance
3 H" @2 z( V) S- r% Z5 sHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
2 r4 M& N7 Q8 J* ?South Barnat resource around the corner. C6 L! H- c/ P; M& x; j- z4 @
Paradigm Capital continues "speculative buy", 12-month target price is $4.756 I/ W. c. N! x3 u6 L4 g
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)3 W' q Y4 R# x9 B" q7 [1 H
Provided operational update
' |8 q) t* b$ s+ {6 CBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00) `/ ^9 D$ U; W6 W% H
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.503 J* _1 j: D: D! S7 b
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Paramount Resources (POU : TSX : $7.85)
" i. p7 z9 }, C9 Q7 UProvided operational update: Grande Prairie emerging as the key focus for F09
& E0 c0 t6 w; b2 f1 t- j/ ]! V5 `3 VGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)# @+ o1 M: s5 T; B9 O1 @
Operations starting to turn the corner
6 b. N/ x! l& k# m' M' ARBC Capital Markets maintains "outperform", no target price reported
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4 o0 z: {' E2 ]& E, Y" ~Shaw Communications (SJR.B : TSX : $20.13)
4 Q, o" O k6 e% `: C- OReleased Q1/09 results: in line, subscribers ahead
( o9 r: s" K, ~Credit Suisse maintains "neutral", 12-month target price is $25.50# ~: P& i% I- E
GMP Securities continues "buy", 12-month target price is $26.506 m) X' @( B. R; M% x" K0 O9 H
$ u4 T9 w6 L- i; Y! ySun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)6 \3 p! E( B7 m. D
Held a sell-side lunch showcasing new U.S. team; G% ~/ M2 g9 D7 b) B5 y
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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5 g2 ?% T* R5 G' S, n0 VTrican Well Service (TCW : TSX : $6.93)
- z" j9 [: G9 P4 _. @Awarded Russian contracts4 ]6 W# v3 C. V6 e* F- ~
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
* B5 `+ U6 e6 f0 \Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00' w F' w2 M6 }( l! Z; u
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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( H7 D- O7 z- ?. p% a7 Q- USino-Forest Corp. (TRE : TSX : $8.93)/ ?! v, \, n$ C$ S/ g* ~
Chinese furniture exports rose in November+ a6 k( S7 q% Z7 f. S+ X X. K# X+ P2 ~
Dundee Capital Markets maintains "buy", 12-month target price is $23.50- o1 K9 f/ i P T) B/ m
$ |# |4 ]# N* H! l7 D& r+ p# BUEX Corp. (UEX : TSX : $0.88)1 [) b0 B: p3 p4 a' K& F' j3 i4 e
Shea Creek's two largest deposits have become one. B* V$ m- p+ y0 O
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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3 x N" n' P5 c4 X; Z7 I {Vero Energy (VRO : TSX : $4.72)
, X' G# O& w( \2 Y; xReleased Q4/08 results: horizontal focus to continue in F09
8 Y; B7 o- E) {! \Dundee Capital Markets continues "buy", 12-month target price is $8.006 J( b4 @# o& a. a# n
GMP Securities continues "buy", 12-month target price is $7.50. Z. |0 ^1 G& a$ M9 t" N; K4 ^; |
Paradigm Capital continues "buy", 12-month target price is $12.00
/ @& N" F; V1 D. o( HRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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* q/ @) C" l9 ?3 H2 X7 W4 OWi-Lan Inc (WIN : TSX : $1.75)% z8 o/ ?# g" E9 @+ O& A
Hit homerun with Samsung
, p9 c/ s8 v# CParadigm Capital continues "buy", 12-month target price is $3.50 |
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