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Ear on the Street --- Jan. 16 2009
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2 {4 A: k+ V# v4 [Absolute Software (ABT : TSX : $3.36)
1 j: o( @4 @" l6 Y6 H) @& PBracing for a tough few quarters
" W! I4 V3 `5 l. E# n8 @4 zCanaccord 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)
/ m: s0 k- |2 p* b" q) ZGrowth outlook, challenging pipeline and high cost structure make future unclear
& u. H% f2 w+ l4 uBlackmont Capital continues "hold", 12-month target price is lowered to $48.004 [9 P7 \; H- D( o! {
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00% U, t1 w# p8 S% e, ]3 l) Y
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Astral Media (ACM.A : TSX : $22.98)
* b& R' O# D3 h6 p2 g+ ?Released Q1/09 results: strong, in light of challenging operating environment
1 ~% u$ D/ _5 ?; v' Y" [/ Z5 HBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00( Z' O& c2 y3 j: d! I" G
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
- `7 c: m1 z" T, M' W( Q9 k( yGMP Securities maintains "buy", 12-month target price is reduced to $30.00
. V, C4 x; a" E: o2 kRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00$ v: o& ~7 p) c3 N- x# I% {* k
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
9 r6 _" R& l3 m, DWell positioned with gold production forecast to double this year and next. K1 m3 U o7 i4 @6 i
Blackmont Capital continues "buy", 12-month target price is lowered to $83.006 G/ \, f: t7 ~( `
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00# [/ J( m0 d/ `5 P& [: S1 c
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ARC Energy Trust (AET.UN : TSX : $17.15)3 g, a; y, M& G& d
Reduced distributions by 20%; capex also cut
- y. t5 j: E" z3 L7 ^! wRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)5 V; B3 k5 ?7 Y( G
Announced F09 outlook
5 H% b9 V. c7 w9 X0 ?Paradigm Capital continues "speculative buy", 12-month target price is $2.25
" d) ?7 p+ ?2 sTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00' s; z7 g# x; h+ l9 s
4 A* V$ N% X: ^5 g" pBombardier Inc. (BBD.B : TSX : $4.65)
+ _! G0 `% K+ l* f/ @- e8 l/ _Rising challenges in Aerospace7 p- T) A* [! y; e
GMP Securities continues "buy", 12-month target price is $8.004 j" D8 E1 ^" r H1 z
" n9 P/ U( b' w6 d$ I4 N2 v6 SBank of Montreal (BMO : TSX : $31.84)- N5 ^5 N$ H0 c& h3 y+ q
Acquiring AIG's Canadian life insurance business
% Y* Y0 q4 }# YTD Newcrest continues "hold", 12-month target price is $37.00
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! R! q O: T6 K; K8 ?- f) vCogeco Cable (CCA : TSX : $33.37)
" G9 k8 |' Z# F7 x: r0 H% j& QQ1 review: Canada results encouraging, but Portugal remains a drag! J5 N$ U! I, b" Y! M1 A, @; j
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
* \& P. ]1 b* F) i E& wDesjardins Securities continues "top pick", 12-month target price is $40.00& H' \' c- W8 i" |
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00- N" D" e2 W6 g# z
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00/ j$ a# p* {0 \1 _
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Corridor Resources (CDH : TSX : $2.45)1 V) b5 w% X* I( f. G! J
Capital budget set to expected cash flow; production guidance lowered! C0 U! ?' z9 l7 C* o
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
$ I1 T2 T" t S1 G8 T$ @Strong radio and cable drives 39% EPS growth
. P& ]6 \% g, U9 L' G$ DScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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" \* M! D7 S! k5 [7 A' ^CanWest Global Communications (CGS : TSX : $0.51)
: L" L) H) p. |7 @6 {% pTaking action to address tough operating environment- {0 D) n" o6 ~, c6 o4 E% ]
BMO Capital Markets maintains "underperform", no target price reported" o3 E1 S: g I$ T1 T+ L# Y9 N
Credit Suisse maintains "neutral", 12-month target price is $1.00
8 |! D: }3 P2 |7 [GMP Securities continues "reduce", 12-month target price is $0.50
; M) f( E1 V5 [# A* q9 ORBC Capital Markets continues "underperform", 12-month target price is $0.754 x# @" R. s" j$ n8 d
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)$ A5 U2 V+ h/ D: W) ^2 b. k- T
Q1 revenues in line, EPS beat
5 H( m' {/ T1 X. M( G( u0 dBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00# g2 m+ ]/ V; f4 [& |/ j2 g
Credit Suisse continues "outperform", 12-month target price is $20.005 k1 p( T3 u+ d6 R/ ^
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.002 s2 D( \9 r( v4 J1 D9 {5 o' q( H
GMP Securities maintains "buy", 12-month target price is reduced to $17.008 Q+ l' L) t' {; ]; R- c
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
7 N8 b1 K& Y8 w9 DScotia Capital Markets continues "sector outperform", 12-month target price is $18.00% A* H5 R6 v# J
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Calloway REIT (CWT.UN : TSX : $11.84)
! K) I9 v/ h1 \ [Held investor day
9 W) d P/ Q9 g' fScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00 ~' G1 j: q3 f+ H. g; Q3 B
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Daylight Resources Trust (DAY.UN : TSX : $7.77)6 |6 ?# Z4 L; H2 }5 w
Reduced distributions by 38%; guided for lower capex
' b& S$ l8 ]+ u: r4 ZBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00! e3 k( z' L# l, b- g {1 g
Dundee Capital Markets continues "buy", 12-month target price is $12.00
# s2 \9 ^7 _6 h2 P3 PTD Newcrest continues "hold", 12-month target price is $7.50
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. _! q6 h7 q( f8 ]8 H7 ^, yEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)2 F' u4 O8 {" ?6 w3 x
Steady market and currency tailwind4 [+ \, X; N# @8 L
TD Newcrest maintains "buy", 12-month target price is US$5.00
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- G/ C, O+ N8 B, bGoldcorp Inc. (G : TSX : $29.74)( D0 k' N% V# X( _, _% y
Revised commodity forecasts; |/ M6 T3 |" }; J" A5 @
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00) p4 ?/ e, ?9 k0 A; W9 ]3 N
; |! c& G( W/ N/ V$ NHeritage Oil (HOC : TSX : $3.77)+ ^2 b% ?, {$ o8 @8 k6 N! `# R
Announced Ugandan commerciality on exploration success
2 x6 J9 v9 }3 ^ R7 K4 O1 eTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)! M$ D% ^2 E; n4 z+ M1 b/ D
Retail division suffers
% b' M& U. d( a ^; X- YDesjardins Securities maintains "buy", 12-month target price is $12.60
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* @: n) m, ?- o% i D, g8 d4 ILaramide Resources (LAM : TSX : $1.84)
: k9 Z3 j$ w) Z0 N, E; k5 HWestmoreland provided more high grade at Redtree's Jack Lens
4 L% t b9 Y' G( T6 E, sDundee Capital Markets continues "buy", 12-month target price is $2.30- O8 C2 F1 Z' U0 g; c9 Q
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Lockerbie & Hole (LH : TSX : $6.00)
- [: a4 O9 s8 |' q# uReleased Q3/09 results: very strong, focus should be on active backlog
# T, X/ z5 x' Z+ Q, WGMP Securities continues "buy", 12-month target price is $9.00
& u6 Q1 M2 l9 [2 Y7 E/ L. u1 Q% h5 JRaymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
" O8 H, O/ t- X) \! v$ E: wReduced distributions by 70%$ |+ S( U# N1 D! g2 V" b
RBC Capital Markets maintains "outperform", no target price reported
2 O9 T1 Q7 f; i1 pScotia Capital Markets continues "sector underperform", 12-month target price is $6.50% s- i" _. W3 `
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Matrikon Inc. (MTK : TSX : $2.04)
" S- K {6 c/ cReleased Q1/09 results: a little light, but still respectable5 o3 r1 {! r1 T1 E5 h) }, ^
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
; E2 M' q3 q% }/ D/ C+ jParadigm Capital maintains "buy", 12-month target price is $4.00
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! p: k7 v0 n# YMullen Group Income Fund (MTL.UN : TSX : $10.97); I `4 E+ w3 J% n
Expecting lower CFPU on higher taxes* X+ Y0 O( q1 I3 J/ e( y0 e ^
BMO Capital Markets continues "outperform", 12-month target price is $18.00
. o1 N) Q f4 T2 {RBC Capital Markets continues "sector perform", 12-month target price is $12.00
1 |1 g' ^/ _( }7 U) z( p4 p" a6 x. m2 }! ETD Newcrest continues "buy", 12-month target price is $17.00& L$ W+ i1 n7 x- F
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)" C ?( {$ K- v, v7 Q. u6 O
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
3 d' b2 F% Z9 _- p1 _, [( \Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
8 a5 i7 R7 V$ D% }0 ?Credit Suisse maintains "neutral", 12-month target price is US$1.00
9 ~+ c D+ Q- S) r, B5 h0 v9 QScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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# N/ j& f5 N) @" FNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
3 F) ^7 h; y2 t- XDietary supplement business facing headwinds
& O4 O, E9 `+ F$ f: kParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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: w; x1 M2 {: \" v; s2 vOpen Range Energy (ONR : TSX : $1.18)0 e3 X# l) ]0 P# g9 W4 s
Provided operational update and F09 guidance V: [8 p* v4 F0 _, H* k. K: `9 U
Haywood Securities continues "sector outperform", 12-month target price is $3.25+ k2 T* \2 c! x4 ?4 P" ^8 ]* u( }
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Osisko Mining (OSK : TSX : $3.13)
* `+ b* a$ o/ C7 N$ b6 n; |8 O# T- f3 kSouth Barnat resource around the corner) F2 z; w% L# }. k/ h$ C, g1 B: \
Paradigm Capital continues "speculative buy", 12-month target price is $4.750 K, X* U* A4 y7 G3 o
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
, U3 ?* e% [- [! o: Z9 {3 X, @Provided operational update
3 x& d8 o# ~% cBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
8 k5 Y5 B3 \9 N9 A2 JTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85): ]# e" n! Y( H" b/ Z
Provided operational update: Grande Prairie emerging as the key focus for F09
2 m. u+ o* g2 iGMP Securities maintains "buy", 12-month target price is $12.00/ ^( B; n3 |6 G! X7 O; _
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Rockwell Diamonds (RDI : TSX : $0.07)8 W8 s: E3 |% p/ d9 m4 S
Operations starting to turn the corner' U) U9 M2 }) K. K2 S I' n2 P
RBC Capital Markets maintains "outperform", no target price reported" R6 C3 ~. v5 J1 j
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Shaw Communications (SJR.B : TSX : $20.13)
3 ] c# N j kReleased Q1/09 results: in line, subscribers ahead
/ f) l/ z, ^7 u( n2 Y. E6 NCredit Suisse maintains "neutral", 12-month target price is $25.50
r8 s% @7 K/ k- ]. iGMP Securities continues "buy", 12-month target price is $26.500 K8 m {- \9 q q! B: k8 `. ]$ P
0 V- z/ \ n) t0 s6 k( D+ bSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)2 B9 j( G2 Q% ~% g) m" @- c! X
Held a sell-side lunch showcasing new U.S. team
5 x! h) Z p3 l6 a) R# \/ Z( eScotia Capital Markets maintains "sector perform", 12-month target price is $33.00$ i5 |6 S- E4 V! E$ q, c
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Trican Well Service (TCW : TSX : $6.93)* P+ T1 x6 i! D P) _1 ~2 ^4 u! r
Awarded Russian contracts
* @0 e/ d& ~7 _1 v6 |+ p& ~Blackmont Capital maintains "hold", 12-month target price is reduced to $8.753 i" |4 U( p4 `/ Q
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
5 u. P: ^* W' ]( M7 c' N) FRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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# D9 A" n% @. D, ^, lSino-Forest Corp. (TRE : TSX : $8.93)) w( X$ o! O: |; Z( U N! B
Chinese furniture exports rose in November
9 l0 u" w8 V$ r9 [8 Q2 cDundee Capital Markets maintains "buy", 12-month target price is $23.50' C J8 e$ Y5 {. \& W
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UEX Corp. (UEX : TSX : $0.88)" t) C3 w4 E6 M
Shea Creek's two largest deposits have become one& P3 a2 h1 @9 |; l( k. w' D
Dundee Capital Markets maintains "buy", 12-month target price is $2.75& E% p8 p. U1 }/ ^
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Vero Energy (VRO : TSX : $4.72) d1 ?8 O- @( R$ ?
Released Q4/08 results: horizontal focus to continue in F09 l0 o2 B$ Z5 j1 T1 j" _
Dundee Capital Markets continues "buy", 12-month target price is $8.00; `4 i" X# T x2 c
GMP Securities continues "buy", 12-month target price is $7.506 F7 V* j; W* }* l7 }5 L( c
Paradigm Capital continues "buy", 12-month target price is $12.00* D; F# f# j1 L v) p' ?- H
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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8 F4 ?' N" g& B$ Z- HWi-Lan Inc (WIN : TSX : $1.75)8 _8 p3 U7 u# m/ w
Hit homerun with Samsung
6 f; g h* ]$ x) G2 x- @8 ZParadigm Capital continues "buy", 12-month target price is $3.50 |
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