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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
1 e2 v( r! ~ L. {+ p. Z1 X( yBracing for a tough few quarters
4 N1 V3 q5 I3 F9 U2 Y! b; qCanaccord Capital maintains "hold", 12-month target price is $4.50
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, K. J r- C6 O; r% e: m+ Q+ x) JBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
6 o- c! V6 A$ L# w. J, f% yGrowth outlook, challenging pipeline and high cost structure make future unclear
4 I6 L3 g8 N7 h n# uBlackmont Capital continues "hold", 12-month target price is lowered to $48.000 c# c, L ~: m) s3 j" I% c
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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& F, y5 N$ d6 g' m( oAstral Media (ACM.A : TSX : $22.98)
! d5 c/ B3 C" J! xReleased Q1/09 results: strong, in light of challenging operating environment
8 c" \" ^# E) x5 RBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00$ Z: N4 u0 Q4 P4 q: Z' h, N: r1 J9 B
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
0 {* f# V/ {9 sGMP Securities maintains "buy", 12-month target price is reduced to $30.00* ^6 p, @; E+ a2 O' P: x( i
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00) ^* y* Z' N4 j' e- q; W
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.003 @- d. N; h+ o3 m! r% [0 K2 K. _
% R8 U( @6 l: b. rAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
/ J9 I- }/ o, O$ E( d* xWell positioned with gold production forecast to double this year and next
% \ {/ L: f: B& @Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
' o- s* A& `% Y: H+ g$ Y: ETD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15)8 Z' b S+ e. N- l/ i- W
Reduced distributions by 20%; capex also cut
- A) c* m ?- {RBC Capital Markets continues "outperform", 12-month target price is $19.00* p$ S* e5 }; C& U$ t$ v
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Andean Resources (AND : TSX : $0.75)
1 v5 U+ u8 b8 Q& `Announced F09 outlook ]. \$ ^$ I" o# A ` c
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
8 s3 S( V8 \0 KTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)1 k/ I3 m/ {1 W% t; F8 b$ I$ x5 K
Rising challenges in Aerospace, V: Y( f( F) N1 F
GMP Securities continues "buy", 12-month target price is $8.00
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5 V0 |; t3 F( K9 ~: ]Bank of Montreal (BMO : TSX : $31.84)
/ V* G; [) U" T% QAcquiring AIG's Canadian life insurance business) W; n a) A; a
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)7 ]1 G ? K) P) F3 q B( W
Q1 review: Canada results encouraging, but Portugal remains a drag
- Y! @. Y3 t! oBMO Capital Markets maintains "outperform", 12-month target price is $46.00
9 w8 i @5 W$ ]6 v% [8 m8 R5 m C4 HDesjardins Securities continues "top pick", 12-month target price is $40.006 w) [! M% k0 u# ]8 g6 F e# o
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00- I4 m% B. O' w! v
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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0 l) \0 m) s# v/ \Corridor Resources (CDH : TSX : $2.45)
8 ^) o. ~8 `) E' r* @3 c( YCapital budget set to expected cash flow; production guidance lowered
+ y8 P& y, b, Q- xRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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+ o' E0 i& E0 \4 f* dCOGECO Inc. (CGO : TSX : $25.14)
4 n8 h* P* i$ y$ f- G& H C9 eStrong radio and cable drives 39% EPS growth/ v* P: k3 n8 J4 f% j# ~4 p1 A9 \
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00' o+ ]9 L2 `! R; Y) F4 g
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CanWest Global Communications (CGS : TSX : $0.51)
9 A4 F! B) J+ \0 p2 V" cTaking action to address tough operating environment: I! a O1 g5 M5 k
BMO Capital Markets maintains "underperform", no target price reported/ @2 n& B% E- G. ^
Credit Suisse maintains "neutral", 12-month target price is $1.00
; Y+ h6 C& x, |; S, `; RGMP Securities continues "reduce", 12-month target price is $0.50
) Q7 N' O( A0 O" o6 T: `5 tRBC Capital Markets continues "underperform", 12-month target price is $0.75) c- [5 D# x5 a1 T' Y
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)" y- ^: ]+ I7 [
Q1 revenues in line, EPS beat& t( U. M) }" N5 J7 z
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.006 c9 H. O0 s" Y4 n- T! R. x9 `
Credit Suisse continues "outperform", 12-month target price is $20.00$ }1 X$ B* A: k- a# Z& J9 |7 l M: U
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00. I( ^# @- k+ k7 c* A8 _
GMP Securities maintains "buy", 12-month target price is reduced to $17.00& J7 T0 T. Z1 f8 c9 J
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50, H/ n3 W6 V2 v& Y. X
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00 q+ C$ g; M H
, R% [3 e& ^1 G7 R# Q9 [. K* @% Z' ^& _Calloway REIT (CWT.UN : TSX : $11.84), A3 [3 L# k* [
Held investor day$ X P* p" q- F3 f4 \
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)3 ]7 k$ c. a b
Reduced distributions by 38%; guided for lower capex. l9 O0 u% M) F
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.000 N9 _& f' H% s: o
Dundee Capital Markets continues "buy", 12-month target price is $12.00; }+ R; V- O1 _% ?: i7 @6 S2 _, g8 m
TD Newcrest continues "hold", 12-month target price is $7.50, t' G8 h* y" c. }* _7 E: |7 W! C
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
! L2 ]& d& K! B8 JSteady market and currency tailwind
( [9 s! j: Q/ S8 _( E; Q% [TD Newcrest maintains "buy", 12-month target price is US$5.00
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9 J2 R$ z7 W8 r& tGoldcorp Inc. (G : TSX : $29.74)6 d* t, T7 g# ~# F
Revised commodity forecasts8 [: ~& ?# Q% E$ F
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)/ k4 k1 O R* _) ~2 v/ [) m8 h7 b
Announced Ugandan commerciality on exploration success
; f4 q% k9 q8 C, X* B! ZTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50/ o9 x2 s# {" \2 p
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Harry Winston Diamond (HW : TSX : $4.98)$ O. T/ _) d: i0 V1 A$ d
Retail division suffers
$ Y* F- m/ d$ d0 ADesjardins Securities maintains "buy", 12-month target price is $12.604 K* `" g/ ^ Y4 g% u
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Laramide Resources (LAM : TSX : $1.84)1 M" V- Z1 M, `- Y- P. f, J
Westmoreland provided more high grade at Redtree's Jack Lens! K2 p. ?! T1 T1 b) z" G
Dundee Capital Markets continues "buy", 12-month target price is $2.30+ m# U* k9 ]" Q% I8 R' h3 q
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Lockerbie & Hole (LH : TSX : $6.00)
8 O- X0 A4 A+ e, x+ KReleased Q3/09 results: very strong, focus should be on active backlog
/ [- h# `: _* Y8 W; LGMP Securities continues "buy", 12-month target price is $9.00
% d: j' n, Q- Q9 C, ^Raymond James maintains "market perform", 6-12 month target price is $8.254 U9 E0 L2 w5 C: X/ I5 G
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)/ ^7 N4 W0 }9 \% {
Reduced distributions by 70%: b% Z9 Z; A, u/ x8 ~# A; n: O) l
RBC Capital Markets maintains "outperform", no target price reported
7 g( M0 T G$ h( y, L! N, qScotia Capital Markets continues "sector underperform", 12-month target price is $6.50; v9 T3 |6 j- f2 D" M, U# i M# t
+ V/ |( V1 C- P7 Q* p8 M! jMatrikon Inc. (MTK : TSX : $2.04)
4 b. D( n6 R/ q7 OReleased Q1/09 results: a little light, but still respectable
# \3 R; Q; k: c( t9 JBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
8 u; |( `1 b/ e# V# F9 @7 K0 y$ GParadigm Capital maintains "buy", 12-month target price is $4.001 v9 i/ s/ y( H! ^
0 C9 H2 m7 j5 M% rMullen Group Income Fund (MTL.UN : TSX : $10.97)
i, d8 d9 R! K' M5 cExpecting lower CFPU on higher taxes
* S3 `8 u4 y7 q' V% l0 rBMO Capital Markets continues "outperform", 12-month target price is $18.006 b- k6 F2 ?9 @" F; }1 n% F* M3 m
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
. i2 c& P; c7 ]3 B0 XTD Newcrest continues "buy", 12-month target price is $17.00
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; g0 u8 ^9 M9 D& h( }8 w8 zNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86); r# a1 y2 M Y/ M7 e& a6 s* `
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain) P( \; r! ^7 o R# T, X: z7 n
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
7 |, p7 F0 Y* n) d) PCredit Suisse maintains "neutral", 12-month target price is US$1.005 e: o" p) r% N. `9 E% W
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80& z+ `! A& U, V T
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
" F% p. G7 w+ W* [' MDietary supplement business facing headwinds
: f% t5 P0 W E' s. v: ?Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
* z. t' P# v) G# v9 }Provided operational update and F09 guidance
4 Z7 b8 F. q; m8 F7 x( DHaywood Securities continues "sector outperform", 12-month target price is $3.25! U2 S& B2 o( ]# K+ ^% Y
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Osisko Mining (OSK : TSX : $3.13)8 Q# L; Z2 d* [. Z+ t
South Barnat resource around the corner& b, }3 c. C4 v, {# w0 _, E
Paradigm Capital continues "speculative buy", 12-month target price is $4.758 S3 t- S% e( N3 ]' |
8 e2 s# `3 c w7 b& U1 k- A' YPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
0 I5 J' t/ z- C3 ]' p' N$ uProvided operational update
( i1 r' K1 W$ o( M* \, ?Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00, @0 ?& K0 w, f! _- c2 S& K
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50( ~& l( q; R" ~# W/ b
# u/ `8 R( Q, P4 B8 }Paramount Resources (POU : TSX : $7.85)2 D! h6 S8 i3 }2 h
Provided operational update: Grande Prairie emerging as the key focus for F09
- [8 q* g. v# u: d4 n G% sGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
( f* C. X" a% @* }) [Operations starting to turn the corner
/ u4 k% J* p: h8 E, lRBC Capital Markets maintains "outperform", no target price reported z' m: X; m- j+ Y, Z' f& g, w
# h. |5 z/ `2 k& @) W2 e8 C# t7 ^Shaw Communications (SJR.B : TSX : $20.13)
: E$ D" M7 p. f/ r0 i9 f0 EReleased Q1/09 results: in line, subscribers ahead
3 _ M: |; ?9 q7 JCredit Suisse maintains "neutral", 12-month target price is $25.50
* D" ?0 B7 R3 SGMP Securities continues "buy", 12-month target price is $26.50
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& @7 }" t, u5 u$ a% a- V# T/ LSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
5 C t4 I8 `/ u) {/ }& Y" Q: q. _( lHeld a sell-side lunch showcasing new U.S. team
* o# K2 S3 C: f J% i4 L. `- ]Scotia Capital Markets maintains "sector perform", 12-month target price is $33.009 K5 ]8 ]4 _) f' @
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Trican Well Service (TCW : TSX : $6.93)/ L% X" g4 t' ^; Z- ~ {2 d9 I+ ]
Awarded Russian contracts" u5 v% @. J5 h4 g0 v
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75( d+ f4 h: z. }4 M
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00( V. F1 W& o5 L3 c7 U
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00+ p. g. k+ B; T) I
: K. M0 l- p/ ?Sino-Forest Corp. (TRE : TSX : $8.93)
$ I, [# U$ C+ i' j% ?) z8 P7 y. FChinese furniture exports rose in November
$ N4 h% V/ K7 g5 m( rDundee Capital Markets maintains "buy", 12-month target price is $23.50* @* A% b, s8 O* ] L/ ?
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UEX Corp. (UEX : TSX : $0.88)# ]/ g5 F7 z4 a# w/ G: s0 `
Shea Creek's two largest deposits have become one9 @+ w9 w+ b$ q% J) X- x% u
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)7 Z# {& v& ?7 d) b6 |+ e5 v
Released Q4/08 results: horizontal focus to continue in F09
4 M& }) @- q7 O/ ^: b) jDundee Capital Markets continues "buy", 12-month target price is $8.00
' }3 D8 b1 \, x% PGMP Securities continues "buy", 12-month target price is $7.50
* C( f X4 d2 z1 [Paradigm Capital continues "buy", 12-month target price is $12.00
' Q# T) ~% T* O' }3 ]8 ^' `RBC Capital Markets maintains "outperform", 12-month target price is $8.50+ q( Z0 B( J7 w
" M/ R( U! l& J M$ CWi-Lan Inc (WIN : TSX : $1.75)
3 K5 A) f6 Z6 W/ l6 X2 rHit homerun with Samsung8 a& U4 @9 w- @1 a Z' T
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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