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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36): A/ E% ` D: p, ]. `! p! c
Bracing for a tough few quarters
4 H0 r) ~5 m2 v( P7 @ V7 _* j7 H+ pCanaccord Capital maintains "hold", 12-month target price is $4.50
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% ~# Q( H5 U1 v. f$ jBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)% l$ M8 ^& |3 x# y: ^8 Z6 o
Growth outlook, challenging pipeline and high cost structure make future unclear$ {; @5 q. g; `6 d+ z1 Z6 K
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
+ {/ x* J6 X! dTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00& f, P1 f0 V, k) G/ Z( d7 Q1 f
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Astral Media (ACM.A : TSX : $22.98)
+ j2 S# p. c& qReleased Q1/09 results: strong, in light of challenging operating environment: W. x. u+ Z0 O7 u
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
0 P$ u m# c' {& J: IDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00$ q3 g# Q# X$ b Q9 |) t
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
" ` W8 m' c+ M' G! r: NRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
; _( m. V C- AScotia Capital Markets continues "sector outperform", 12-month target price is $30.00+ B) z; u; a! K( Y d a) H9 E
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)) e6 r$ t1 N0 y4 o l$ M' m6 @$ S
Well positioned with gold production forecast to double this year and next( I$ s U' n& w2 a* _" t3 F9 W: p
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00+ N$ A3 H$ `! ]# i( k
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00" {/ L% O6 ^& [" d [* s- j3 R
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ARC Energy Trust (AET.UN : TSX : $17.15)
$ t( p' ?% g) U" q$ d. }Reduced distributions by 20%; capex also cut/ n2 r4 n2 X. P0 E
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
1 P0 ^4 i4 A3 r3 k) b2 WAnnounced F09 outlook
+ B0 B3 K. M2 r( a* qParadigm Capital continues "speculative buy", 12-month target price is $2.25! c: ]: z& Q7 Q! f/ x0 n
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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. Y; ~% [* W3 I6 I# W. X K; IBombardier Inc. (BBD.B : TSX : $4.65)8 n* @) Y& f+ k: r
Rising challenges in Aerospace! I' T3 l7 B$ U% I4 \
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)/ W5 v& C; k2 r; z, i, H; p
Acquiring AIG's Canadian life insurance business, D- v: f, y/ S( A
TD Newcrest continues "hold", 12-month target price is $37.00: }. j2 y# {3 P2 i- n% [
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Cogeco Cable (CCA : TSX : $33.37)/ w" L: f7 a" p
Q1 review: Canada results encouraging, but Portugal remains a drag! B c& b3 w2 x) S- z
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
- v* x$ f4 _ F* A& Q- w! }/ sDesjardins Securities continues "top pick", 12-month target price is $40.005 G* J( x+ ^5 G7 R3 m+ T2 S5 l" E
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
; A6 M4 l9 y, z5 C# }/ \Scotia Capital Markets continues "sector outperform", 12-month target price is $55.006 H. S# k' v* s9 n' ~
4 f' d& ^0 D" M" h& VCorridor Resources (CDH : TSX : $2.45)% v I% M* w% e$ `. z
Capital budget set to expected cash flow; production guidance lowered
$ O7 `1 c+ M+ q. {4 [/ _3 p& jRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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1 F% o7 F* E* t; ^2 y* o; oCOGECO Inc. (CGO : TSX : $25.14), c' V5 s. v, Q
Strong radio and cable drives 39% EPS growth
; n9 @ b" K) \% ]' _Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
8 d) p( G* {9 o# E/ vTaking action to address tough operating environment
; y6 i- u/ Z" r9 s% ?% i3 f. w3 ^BMO Capital Markets maintains "underperform", no target price reported
. x/ a' o- _1 w# r* D) `" ZCredit Suisse maintains "neutral", 12-month target price is $1.00
) i9 g1 [5 ]: ~, AGMP Securities continues "reduce", 12-month target price is $0.50' j! P8 p. z8 C$ h. T
RBC Capital Markets continues "underperform", 12-month target price is $0.751 B0 J+ S+ E' I1 i/ ~% L- ]7 S
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50* \4 H3 Y7 N! q1 q+ ^+ J
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Corus Entertainment (CJR.B : TSX : $12.47)* @. t4 y% i0 G
Q1 revenues in line, EPS beat
r8 H9 O7 t' Z; Y. SBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
$ U s: h, d) L/ r. n" pCredit Suisse continues "outperform", 12-month target price is $20.00
+ [9 L. U+ V( V' @Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
4 p" J; y F8 f9 o7 j+ ~GMP Securities maintains "buy", 12-month target price is reduced to $17.00
! e1 w0 |2 A" m8 R( N& Q0 NRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
' l/ U8 `6 v' F$ OScotia Capital Markets continues "sector outperform", 12-month target price is $18.00+ e( r; k$ A7 f; g- T" b* h+ F
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Calloway REIT (CWT.UN : TSX : $11.84)
6 ~4 L O- a R/ E! _2 UHeld investor day
" c5 `6 P. e& `9 MScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)% Z. t l) ]) m5 A4 f! |* P
Reduced distributions by 38%; guided for lower capex! Z& g9 f) x7 h8 T- q, b I4 u
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
x, s. _1 [" B# v1 _" {9 xDundee Capital Markets continues "buy", 12-month target price is $12.00 \% |6 z+ h3 a7 s8 {5 @ c8 ?
TD Newcrest continues "hold", 12-month target price is $7.50$ S2 ~+ ] Q4 x1 \- F) T: l7 C
# U2 R* V- {/ S% `0 t4 u G+ Y& JEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)2 {+ z1 O) m9 X; ~' E
Steady market and currency tailwind) j3 H' T+ F# B0 v6 a
TD Newcrest maintains "buy", 12-month target price is US$5.00& Z/ {) z- M. \. z5 A
: G1 g3 B1 r& u$ X9 v& _Goldcorp Inc. (G : TSX : $29.74)
; ]8 _- _8 X2 l& h, sRevised commodity forecasts
5 O1 z) S! D. k e; ? G- T# W& {Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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! x5 E" H# C% N5 {" x8 q0 \Heritage Oil (HOC : TSX : $3.77)
9 J. x* }* k6 |# r( r1 t' a* NAnnounced Ugandan commerciality on exploration success
. C K. |+ o3 x: GTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50& _* A& j& V0 h$ Z1 p0 U
9 ?( P! b+ m* J/ {$ PHarry Winston Diamond (HW : TSX : $4.98)
* i) }8 Y6 h) J# }. o5 ^Retail division suffers
& D3 U( T5 s0 lDesjardins Securities maintains "buy", 12-month target price is $12.60
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( j9 G- s! @/ J, R4 a7 P$ i/ mLaramide Resources (LAM : TSX : $1.84)
+ f- C5 f# z% ]. F$ wWestmoreland provided more high grade at Redtree's Jack Lens
' b: L+ D( i6 L& F# _Dundee Capital Markets continues "buy", 12-month target price is $2.30$ c3 y+ {4 c5 S' n) F
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Lockerbie & Hole (LH : TSX : $6.00)
7 q4 J" s$ T. @* I8 Y; y, UReleased Q3/09 results: very strong, focus should be on active backlog
5 G$ e8 E& h! b/ @0 C- Z6 l: DGMP Securities continues "buy", 12-month target price is $9.00
9 S& V& k/ p4 y0 J; ERaymond James maintains "market perform", 6-12 month target price is $8.25
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% }) x9 ]6 ?( I8 Q" MLivingston Intl Income Fund (LIV.UN : TSX : $6.00)% t# N5 o3 F8 b) z$ d3 ]" a: J; H
Reduced distributions by 70%
8 V- h, n ?+ z# l' ~* T+ kRBC Capital Markets maintains "outperform", no target price reported2 O' m5 F% S3 `/ I2 J7 G
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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% J& D4 e* i% ~! gMatrikon Inc. (MTK : TSX : $2.04)9 V9 x1 c: n5 S; Y: Y& n/ W
Released Q1/09 results: a little light, but still respectable; k3 N$ @$ @* f$ A. p" t3 r% g
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
# R% a( |" ^: `5 {+ w3 ~Paradigm Capital maintains "buy", 12-month target price is $4.00
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2 x; d8 c" Q) d- F' r0 pMullen Group Income Fund (MTL.UN : TSX : $10.97)* w% r- S1 u3 f* u. t! v2 d
Expecting lower CFPU on higher taxes
" f: [% g- l% r3 OBMO Capital Markets continues "outperform", 12-month target price is $18.00% r: P% T A1 c! ]0 x1 `4 k
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
) X7 K6 {: M8 Y; r5 MTD Newcrest continues "buy", 12-month target price is $17.00) _! i$ z3 g! o+ G' u
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)4 W" c, q* e7 U: _# Q
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
6 o$ ~( J; {- U E$ JBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
. M7 v& Y1 z. ]9 NCredit Suisse maintains "neutral", 12-month target price is US$1.00# n' c- K! X( |8 c }* x
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.801 j! E9 L, W5 y3 y0 y& F
7 ^' @# o; B; jNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
& ^- i9 c6 ]5 Z5 o- N% }+ W- eDietary supplement business facing headwinds
1 h8 l' a; e6 ~2 ^" IParadigm Capital maintains "buy", 12-month target price is reduced to $4.00: b. y, e {5 f& d- B% Q6 D3 K4 N
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Open Range Energy (ONR : TSX : $1.18)
0 P1 o! `9 I) `: m& B9 ^Provided operational update and F09 guidance
7 X6 l" o/ _2 o$ L- N4 ~) ^Haywood Securities continues "sector outperform", 12-month target price is $3.25
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' _# p* W# Y2 f* F1 K4 z* \Osisko Mining (OSK : TSX : $3.13)7 o2 L- K* I" p) Q" F+ c
South Barnat resource around the corner$ Y3 J; \* K4 F6 J6 |
Paradigm 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$13.75)
" R: R$ `* r2 K2 f* sProvided operational update
! I: {& |6 q7 `- | JBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
0 _& t8 o) f6 u BTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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; y8 ^4 A3 I6 X4 u" w/ @7 jParamount Resources (POU : TSX : $7.85)
) h1 W2 H i; xProvided operational update: Grande Prairie emerging as the key focus for F09
- [; N* X6 c8 v& [GMP Securities maintains "buy", 12-month target price is $12.005 p: ~2 h; H5 a5 w- }% P
4 q0 V( n" @6 ?8 @! U- s; QRockwell Diamonds (RDI : TSX : $0.07)
, b+ r, i' q+ i( d( c+ i- d2 VOperations starting to turn the corner
: u& P3 }1 N5 e! ~3 N" b3 r5 nRBC Capital Markets maintains "outperform", no target price reported$ g) ^5 z4 V3 L2 f
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Shaw Communications (SJR.B : TSX : $20.13)( Q1 m$ W& S- c7 I6 {4 i
Released Q1/09 results: in line, subscribers ahead
& M/ o) W& D4 a; l3 C# L! ^Credit Suisse maintains "neutral", 12-month target price is $25.50" F% W d2 H$ h6 g% U% J
GMP Securities continues "buy", 12-month target price is $26.50
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; Y9 [( f, l' j& @# kSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)! v2 d$ G( F% D# d
Held a sell-side lunch showcasing new U.S. team
! I: f8 k4 c- }7 B+ Y! HScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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2 {* p6 a$ m7 {. I# mTrican Well Service (TCW : TSX : $6.93)
. |+ q* e9 ~* `: DAwarded Russian contracts; W6 `) [% u9 ?, z k- P! ]" e- K1 L1 V
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75! i m% q6 D0 u- e9 P3 ]
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
2 s# y7 k9 T' ~7 @! H2 ERBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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7 d1 ^! C7 Q: ?2 j5 r" USino-Forest Corp. (TRE : TSX : $8.93)
1 f8 u. e7 K, }3 GChinese furniture exports rose in November
$ E7 k g; @6 ], \; c' q# x7 }* [8 EDundee Capital Markets maintains "buy", 12-month target price is $23.508 P( q3 |4 y% g: ^
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UEX Corp. (UEX : TSX : $0.88)( f* g N9 P$ [4 Q( |2 w4 ]& y% O
Shea Creek's two largest deposits have become one
9 [+ |: g$ h/ G/ S4 h/ v, L! ]$ PDundee Capital Markets maintains "buy", 12-month target price is $2.754 G" B$ E+ _- Y D
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Vero Energy (VRO : TSX : $4.72)
7 Y; m7 ^# }7 l' u' F. u+ oReleased Q4/08 results: horizontal focus to continue in F09. f7 Y) K! B x; G& ~
Dundee Capital Markets continues "buy", 12-month target price is $8.00' f* G8 X% @. _4 W; P; `! [
GMP Securities continues "buy", 12-month target price is $7.50. n+ Y4 X% O9 T7 q1 W
Paradigm Capital continues "buy", 12-month target price is $12.00
3 J2 r# ]7 O/ b7 eRBC Capital Markets maintains "outperform", 12-month target price is $8.50, ~, a9 {9 v/ C# f4 o6 b
5 j4 z# D4 Z5 H/ d! VWi-Lan Inc (WIN : TSX : $1.75)
4 X' z6 q( p" t1 B2 dHit homerun with Samsung8 K* j! v/ N+ C/ O8 u# F
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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