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Ear on the Street --- Jan. 16 20098 V2 L; z$ @3 {0 F
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Absolute Software (ABT : TSX : $3.36)8 [7 E& y4 F D x
Bracing for a tough few quarters1 J2 ]6 \& W. b1 S$ J1 E
Canaccord Capital maintains "hold", 12-month target price is $4.50( \- J/ P: x0 k8 v" T% L
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)# { ^/ }1 C0 D4 c) `, G8 b
Growth outlook, challenging pipeline and high cost structure make future unclear
, I# x, {& {2 d: A! K, A& {4 C$ cBlackmont Capital continues "hold", 12-month target price is lowered to $48.00( ^0 `* e/ X: F
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00; S+ \, ?. {* A! [. B
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Astral Media (ACM.A : TSX : $22.98)* v3 @2 N: W2 Q1 |% f6 I3 i
Released Q1/09 results: strong, in light of challenging operating environment
6 g5 I& G+ u" W8 t% xBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00* w: Z7 }5 j! T& P4 O, o# i& E9 O
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00) o8 c* L7 b% D0 f2 l
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
^) q4 f! i5 V6 b' VRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
: P% p c( o( EScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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- F/ E! \+ G4 n5 [# R2 \6 \Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
( x" {6 B, T3 e* Z6 D4 GWell positioned with gold production forecast to double this year and next
/ B- ^# o* l) z. \3 K1 P+ l9 JBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
* E7 a. U, Y6 w9 e7 _) bTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00* o- L- a2 D' F# _
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ARC Energy Trust (AET.UN : TSX : $17.15)
: S" [% I% e2 Z$ K( ]$ |. oReduced distributions by 20%; capex also cut1 v( M z @5 i6 c7 i& z+ h
RBC Capital Markets continues "outperform", 12-month target price is $19.002 u2 A |4 i3 G: Y
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Andean Resources (AND : TSX : $0.75)3 w# q7 [; a a! u4 p! O" o6 X) C
Announced F09 outlook
8 ~6 a3 a6 o- gParadigm Capital continues "speculative buy", 12-month target price is $2.25
5 O0 _0 R& b& @, K0 eTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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7 q, ]$ l8 s5 j$ E+ P# w1 `Bombardier Inc. (BBD.B : TSX : $4.65)" }9 m b5 F7 Q6 i$ ^
Rising challenges in Aerospace
) v. k, C' q4 R. i% C) mGMP Securities continues "buy", 12-month target price is $8.00
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" n' x" l; n# CBank of Montreal (BMO : TSX : $31.84) N B! ?2 J" W% X
Acquiring AIG's Canadian life insurance business
! H. ~" E6 r8 d k3 l" }. HTD Newcrest continues "hold", 12-month target price is $37.00
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0 Y0 ?* S7 g A/ _' ACogeco Cable (CCA : TSX : $33.37)
) e+ v; p2 l& a8 oQ1 review: Canada results encouraging, but Portugal remains a drag
B( ^) N% o! _/ p, d5 mBMO Capital Markets maintains "outperform", 12-month target price is $46.00
5 r2 _6 R/ H I1 \4 M/ `% \0 PDesjardins Securities continues "top pick", 12-month target price is $40.00
/ ?2 O- j. E" ^RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
1 I, Y4 {& `+ G& p1 R- [9 C3 i3 pScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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8 Y* b. B) N2 GCorridor Resources (CDH : TSX : $2.45)
1 R9 |3 b7 ~5 o- x" O: h9 }Capital budget set to expected cash flow; production guidance lowered
( u0 t: B7 l$ n3 fRBC Capital Markets maintains "outperform", 12-month target price is $4.255 g7 J f- f" A/ t7 W
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COGECO Inc. (CGO : TSX : $25.14)- J+ M" k0 E. s
Strong radio and cable drives 39% EPS growth7 \) @* w, U6 J/ A' q7 J$ `* U
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
: Q$ S+ S5 l! |5 ~3 s2 YTaking action to address tough operating environment% g1 e# q0 i& y( o
BMO Capital Markets maintains "underperform", no target price reported
$ h2 z) }& x7 mCredit Suisse maintains "neutral", 12-month target price is $1.00
. V1 Y5 A$ c. t& y6 B1 c0 ]% @GMP Securities continues "reduce", 12-month target price is $0.50
$ |2 D3 i& p: {! Z$ |8 Q+ K; fRBC Capital Markets continues "underperform", 12-month target price is $0.758 ?! R8 M3 j; G
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.503 y- q- [3 X( m* n- G& b" E) v
# n4 g( r4 O. O+ SCorus Entertainment (CJR.B : TSX : $12.47)
0 F4 q( u2 b _8 j+ n2 { IQ1 revenues in line, EPS beat. n' \7 b- s" r0 D2 m7 h( N- C" h) V
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00" Z/ X3 ~ G6 K
Credit Suisse continues "outperform", 12-month target price is $20.00& k" E1 X3 f( _& o' ~- N [
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00 \3 r6 N0 ~7 y. k. t& [
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
/ i7 n5 c' g* yRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
% `4 M+ V1 A k1 JScotia Capital Markets continues "sector outperform", 12-month target price is $18.008 q9 H) h) C0 s
" B6 F% }6 Z* rCalloway REIT (CWT.UN : TSX : $11.84)' H& d4 p x# B7 q4 p; C% X& T
Held investor day
( ]! F5 n9 R$ j* `; l, ?; }Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.007 v! Y+ A/ D9 B& ?; I% c& x% M- x
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Daylight Resources Trust (DAY.UN : TSX : $7.77)8 B6 `: J' U6 e; w
Reduced distributions by 38%; guided for lower capex6 D8 U3 l; E* n( X6 G3 @
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00# s+ T) e1 X+ G/ G( B# T
Dundee Capital Markets continues "buy", 12-month target price is $12.00, H0 G/ X1 ~8 S6 {
TD Newcrest continues "hold", 12-month target price is $7.50; Q# ]: i) d0 a2 x' z
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
, E( f! q- ~0 Y3 H7 o2 S% c/ `" E) ZSteady market and currency tailwind
" i* _& f; {# b/ X* c- ]; RTD Newcrest maintains "buy", 12-month target price is US$5.00
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( c+ P1 F$ Y. O) t/ }Goldcorp Inc. (G : TSX : $29.74)
5 ?# N: ^( _9 M9 `Revised commodity forecasts" J) e/ u# E" x
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77); B& S4 o* G( u0 |7 J# A$ }# s
Announced Ugandan commerciality on exploration success5 W3 ^- m+ F7 s, F4 D$ A' A
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50, ~ ^) L9 D+ T3 z4 Q
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Harry Winston Diamond (HW : TSX : $4.98)
9 n4 [. d3 w* {0 |4 cRetail division suffers C c/ K+ v$ p e8 V( |
Desjardins Securities maintains "buy", 12-month target price is $12.60
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$ {- e/ v7 f5 BLaramide Resources (LAM : TSX : $1.84)
* N! c/ u ? i9 t: e6 g, MWestmoreland provided more high grade at Redtree's Jack Lens* S8 Z) {; q8 K. O
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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3 r* F( v# u3 @7 ]" ULockerbie & Hole (LH : TSX : $6.00)
+ f8 I3 y" B+ r3 p- f7 v5 }Released Q3/09 results: very strong, focus should be on active backlog
4 a* v3 c0 S5 g/ q2 AGMP Securities continues "buy", 12-month target price is $9.00; s* `7 y$ y3 @* y" E1 s
Raymond James maintains "market perform", 6-12 month target price is $8.25
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# Z, t- @5 x/ MLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
o& ^& t- }% B3 z* C8 R" oReduced distributions by 70%
$ W3 J! F4 l: N/ z! [1 r: MRBC Capital Markets maintains "outperform", no target price reported" s2 g8 ]8 P2 r* B& v, [
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.508 K- Z4 S* ?; L0 N4 g
- e- K2 p# w+ d5 HMatrikon Inc. (MTK : TSX : $2.04)& a- |. y8 V. ]/ L, y- n% z6 W
Released Q1/09 results: a little light, but still respectable2 V" N4 g6 I; I, k9 R2 A8 R
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
4 \3 R. V) V$ P$ }! z7 [$ d7 ?Paradigm Capital maintains "buy", 12-month target price is $4.00& o; I+ Z5 C& R# n+ z
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
! K, N/ { {8 w" T' k) ?% M+ ]+ gExpecting lower CFPU on higher taxes
( o; B9 }& x* E# r4 t2 BBMO Capital Markets continues "outperform", 12-month target price is $18.00: z: c4 t6 X4 p; x3 ]
RBC Capital Markets continues "sector perform", 12-month target price is $12.00! w8 k5 V L9 M9 Y0 M" B! L0 D6 q
TD Newcrest continues "buy", 12-month target price is $17.004 q! {+ J% L. o9 T9 w9 n
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)" Q. m7 D: |& K: R! W2 n: t
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain) ~$ R9 w9 q6 e3 s
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25( n7 t" Z5 \0 \; x/ ^8 D
Credit Suisse maintains "neutral", 12-month target price is US$1.00" Q4 q3 {3 J3 f, I6 |+ r ^+ n
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80. X& z2 r4 B1 ~
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)2 L6 C9 [# P* r _8 w1 ]
Dietary supplement business facing headwinds) b1 u$ ?" v) }# k, w2 \ i
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00/ i5 g5 m& H: h- W0 g5 h
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Open Range Energy (ONR : TSX : $1.18)5 g/ K, I: M, F! U# `. r% b
Provided operational update and F09 guidance3 J# h1 T5 R9 g; w& z2 @+ x$ [7 q
Haywood Securities continues "sector outperform", 12-month target price is $3.253 y9 L, p4 U3 J2 T5 w; S
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Osisko Mining (OSK : TSX : $3.13); q% K# M% o# j5 u5 Q9 ]
South Barnat resource around the corner/ r: \& g/ N. z3 B' J
Paradigm Capital continues "speculative buy", 12-month target price is $4.75: L( a# }) F( h/ @- Q) V! U
* t3 k/ E4 K$ V3 G' B3 ]. @, N' |Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)* i4 @+ u1 X. w. C, E7 o/ T
Provided operational update3 [" X0 b& E1 a W* b4 \, K
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00( l6 Q. b5 N/ C. w# X u" m- `$ P
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50. ]3 s% Y; C+ [5 L
, h* C: [+ v5 y0 }Paramount Resources (POU : TSX : $7.85)8 s+ H, B8 P! {% A" e1 E, c/ ^
Provided operational update: Grande Prairie emerging as the key focus for F09) A' f" M0 E( D6 X
GMP Securities maintains "buy", 12-month target price is $12.00 e) N# j$ [$ `- q
) c, G% M3 z( v% |$ `Rockwell Diamonds (RDI : TSX : $0.07) G! E Q: {. N
Operations starting to turn the corner! H$ S h/ U( |4 `* ]
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
0 f$ K( j8 i3 zReleased Q1/09 results: in line, subscribers ahead
$ q8 m* r$ Z* ~9 n& eCredit Suisse maintains "neutral", 12-month target price is $25.50" n% ^; E9 A3 H+ n) r
GMP Securities continues "buy", 12-month target price is $26.50
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" ^8 g+ y/ ~& h, H1 g8 CSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)' w1 c3 c' ?' I8 ?
Held a sell-side lunch showcasing new U.S. team
/ x. e7 w; G# V7 f# l# YScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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% k/ L9 S" F( x8 Z1 {1 STrican Well Service (TCW : TSX : $6.93)! s, L9 J% `2 D) U( x6 E8 g T
Awarded Russian contracts
) Q- q3 F# E5 lBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75) O* X1 E% T, l/ t: z$ W, f; l
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
+ f- D, k8 [# KRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
2 \+ B9 _/ K; a6 v5 ?Chinese furniture exports rose in November% V- H7 h. _9 t, z- ~& a9 U
Dundee Capital Markets maintains "buy", 12-month target price is $23.50" B% Q- r- w& X% C: v
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UEX Corp. (UEX : TSX : $0.88)
6 O$ K( d4 S& ?Shea Creek's two largest deposits have become one
, N, n( i" c. b6 A6 g! D+ VDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)( D; P Q1 f9 n/ V. y$ ^
Released Q4/08 results: horizontal focus to continue in F095 a; X8 U% Y" s V9 |* R' ]
Dundee Capital Markets continues "buy", 12-month target price is $8.00* S* h5 ]3 K" b
GMP Securities continues "buy", 12-month target price is $7.507 {4 ^. `" N. p: Y. c+ r
Paradigm Capital continues "buy", 12-month target price is $12.003 E8 s" W1 U1 V5 U, f& @
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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, l _- [1 X* P! [ F# l1 w' `Wi-Lan Inc (WIN : TSX : $1.75)
- }+ p& g! p" @' b4 YHit homerun with Samsung& V( P5 R( f' y5 c5 W* X/ C7 m
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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