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Ear on the Street --- Jan. 16 20090 O" q9 C0 g: C& T6 m' \, s
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Absolute Software (ABT : TSX : $3.36)* s( k) {; y4 _0 d: h9 {8 e
Bracing for a tough few quarters6 S& h1 m0 S% \1 B# z
Canaccord Capital maintains "hold", 12-month target price is $4.507 Q! Q. v/ a) X4 e4 ^2 H# a
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
0 l) y5 y* h {. z8 @) w& yGrowth outlook, challenging pipeline and high cost structure make future unclear
" s/ W# M! ]$ y- E7 HBlackmont Capital continues "hold", 12-month target price is lowered to $48.00) ?( ?4 P8 ^$ D+ `& [8 y @3 P
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00( J. q: w( b# L2 d/ `
% R/ ^: ~0 _" K% b b% e% h1 cAstral Media (ACM.A : TSX : $22.98)' K: G2 x6 I' }# V4 g
Released Q1/09 results: strong, in light of challenging operating environment
j7 E+ N( t6 F: s4 ZBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00& Y& [8 W. A# o: q
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.009 [6 Z* y( {8 E( @! b
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
' d5 g0 j2 M- iRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00$ c* j8 i6 P3 B. Y# O- J& S0 {
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00# b$ O+ `/ l- s
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
$ F7 n5 S: n% [Well positioned with gold production forecast to double this year and next! Q" @: Z+ w' G- T! v
Blackmont Capital continues "buy", 12-month target price is lowered to $83.007 F% l4 D* A5 u- C a2 S+ u
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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5 E( P! T" T/ d8 M# ^% [$ mARC Energy Trust (AET.UN : TSX : $17.15)
, ^7 s# f6 w; i& j+ I) { i- |Reduced distributions by 20%; capex also cut
- y( }% f1 [: p6 u9 n' vRBC Capital Markets continues "outperform", 12-month target price is $19.009 K2 v! g5 c* o5 ^ c
/ e. t# |0 s0 B$ N. \% U2 r' CAndean Resources (AND : TSX : $0.75)
' b4 z( j' x3 u7 [$ l ~& r" PAnnounced F09 outlook
( C5 Q+ E5 I: Q( @ |8 H8 r8 k! S5 kParadigm Capital continues "speculative buy", 12-month target price is $2.251 Z- T. L) R4 ]5 l
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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* z& `2 N5 U7 q1 F, `5 n4 GBombardier Inc. (BBD.B : TSX : $4.65). V S; Z7 J1 t, a" K0 V( Q
Rising challenges in Aerospace/ J. d/ @; @2 ]' U `
GMP Securities continues "buy", 12-month target price is $8.00/ ]& f9 t6 s4 @0 Y; K! h
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Bank of Montreal (BMO : TSX : $31.84)
0 ~8 s$ @, _0 M2 Q3 @0 _0 YAcquiring AIG's Canadian life insurance business" E* a7 U- x9 z* D) f
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
3 ^& V3 E7 s9 |# W9 {Q1 review: Canada results encouraging, but Portugal remains a drag7 |# K" h8 D3 z/ m" k
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
+ Q7 S9 `$ \8 i; \) eDesjardins Securities continues "top pick", 12-month target price is $40.00: m2 O2 T5 B" M. e" j. X
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
4 M3 X% G' r3 A8 P& i4 G- }Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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% R% E( X: g) }+ {2 R7 D6 G( hCorridor Resources (CDH : TSX : $2.45)9 m2 Y$ [% h+ ^) v
Capital budget set to expected cash flow; production guidance lowered
! ]9 `* V8 l. ]+ r; k2 wRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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9 `$ F7 V( `. F2 FCOGECO Inc. (CGO : TSX : $25.14)
) g5 V" ^; \+ f$ ~" U+ T4 s' L9 AStrong radio and cable drives 39% EPS growth/ g# y. N( Z' g& G) ]! X
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
% e1 P1 n) [/ vTaking action to address tough operating environment
6 b% v& o; K" lBMO Capital Markets maintains "underperform", no target price reported: x4 J+ Z! i5 c$ ^+ h1 r
Credit Suisse maintains "neutral", 12-month target price is $1.00# C6 U. D9 N2 _* r1 j4 ^
GMP Securities continues "reduce", 12-month target price is $0.50; T! @6 {5 h C0 N, C
RBC Capital Markets continues "underperform", 12-month target price is $0.75
- D$ r& `6 E3 TScotia Capital Markets continues "sector underperform", 12-month target price is $0.50, @/ Y b `$ [) I0 d( D! H
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Corus Entertainment (CJR.B : TSX : $12.47)
9 t2 h# y$ C8 I; r1 DQ1 revenues in line, EPS beat" u! a# _/ z% w! w' g( s
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
! H5 w5 y( C% G# i0 i) {7 H! M; P7 W2 HCredit Suisse continues "outperform", 12-month target price is $20.009 e0 i3 }/ W, ^& K: `1 M* ^
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.000 E4 [5 P" e+ H
GMP Securities maintains "buy", 12-month target price is reduced to $17.002 _; t- ]2 [; h5 h$ z3 V
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
0 y. \1 F* e4 b! [Scotia Capital Markets continues "sector outperform", 12-month target price is $18.006 @. K0 o- }; t6 O# l+ a7 s' \" R
% s: H# \; G. ?- @+ U$ C9 dCalloway REIT (CWT.UN : TSX : $11.84)
; _; }+ |# ]3 L, L9 {Held investor day
3 E- ?0 z% d) r6 xScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00/ v5 k. e. W) _ v% O# [+ V
6 \9 w, `3 A; A& l, z. NDaylight Resources Trust (DAY.UN : TSX : $7.77)
4 G8 c6 I' r) q" p" f5 ?9 n4 vReduced distributions by 38%; guided for lower capex I# U/ V4 C8 `
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.003 B6 x% {4 g! [1 s9 {5 m* v/ |, n
Dundee Capital Markets continues "buy", 12-month target price is $12.00
. B: U5 S% U: L7 j1 {3 z2 KTD Newcrest continues "hold", 12-month target price is $7.50+ t* J* `$ o# H1 u2 T! Z
$ ` ?4 l4 o" K" @" DEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
' X; B* \8 @6 F3 z N) l" u6 q: pSteady market and currency tailwind. W: q; x- Q* {1 k- x, f
TD Newcrest maintains "buy", 12-month target price is US$5.00$ \6 C; O( G6 E6 T) F- n( I( u( C! M
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Goldcorp Inc. (G : TSX : $29.74)& Q/ d0 a9 m( {3 @& |
Revised commodity forecasts1 R7 p4 O* d. R: M
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
3 X8 `' S4 k7 i$ X5 I1 a. jAnnounced Ugandan commerciality on exploration success
! S8 v5 y& {) h& f) lTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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+ {4 @+ W8 ~+ g, C( |! h' tHarry Winston Diamond (HW : TSX : $4.98)& q4 K7 d( |, e" k
Retail division suffers: @$ X, ?) Z' w$ V$ {
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84), p- b- }! o- h o
Westmoreland provided more high grade at Redtree's Jack Lens, g! L8 d7 z# x$ |' N
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
7 I8 ^4 t6 [ \( n5 F0 F7 G4 S% uReleased Q3/09 results: very strong, focus should be on active backlog3 X; C' J7 l* [
GMP Securities continues "buy", 12-month target price is $9.00
: v( L9 e: c+ _. XRaymond 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)
! O1 D9 H# ^- u1 g6 iReduced distributions by 70%. Q( S) H/ \* H, o8 M
RBC Capital Markets maintains "outperform", no target price reported
1 T4 x9 f1 p+ X5 t. N' ?* C0 iScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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. s; O: O: B" ~8 G- Q4 ?# \5 YMatrikon Inc. (MTK : TSX : $2.04)9 n ]- J2 J1 M8 N
Released Q1/09 results: a little light, but still respectable
' E& c- t9 X& Q+ s G: T- A$ ]" @BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
: D0 D. }. ]7 V; n: p' N6 sParadigm Capital maintains "buy", 12-month target price is $4.007 Y( e+ @( D& v8 w6 c* e" r
2 `/ u* g" _$ a- `$ r" W: i% _# u7 OMullen Group Income Fund (MTL.UN : TSX : $10.97)
; h3 i% V1 K- }2 k; H/ n: [# \/ AExpecting lower CFPU on higher taxes
0 L: B5 Z# o/ ~/ q" M1 uBMO Capital Markets continues "outperform", 12-month target price is $18.00# N9 O) j `2 |" o
RBC Capital Markets continues "sector perform", 12-month target price is $12.005 W+ n! H5 R# i2 p4 m
TD Newcrest continues "buy", 12-month target price is $17.00! I6 z' a+ d+ ~" l; I% Q
6 G. x [4 t }) G2 iNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)) [& a+ p6 l" k. r/ }
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
) k7 M! O6 j O+ H# oBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
% G! T0 e" _4 }Credit Suisse maintains "neutral", 12-month target price is US$1.00
$ C3 X h" R; mScotia Capital Markets continues "sector underperform", 12-month target price is US$0.801 V% T8 V$ H; ^) d# J) l7 l1 [2 ?; h
. w* w+ f) g+ H6 u% mNeptune Tech & Bioresources (NTB : TSX-V : $0.79)! U6 H }) M2 [7 O4 D. B
Dietary supplement business facing headwinds
+ T O! C: Q! a. x A7 r& P. eParadigm Capital maintains "buy", 12-month target price is reduced to $4.00! f8 ?2 V# b6 l& t, F9 H
) r- N6 @0 Z# COpen Range Energy (ONR : TSX : $1.18)
0 }) a/ ?6 `. P* L& w2 ^1 Q6 TProvided operational update and F09 guidance* v. I% a! P) P: v- A
Haywood Securities continues "sector outperform", 12-month target price is $3.25. [- a/ m K- P' M. `5 j; L2 r
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Osisko Mining (OSK : TSX : $3.13)2 @( \9 H5 u, Z$ C. \" p; I+ s
South Barnat resource around the corner
9 t$ J9 D. M5 `5 q0 yParadigm Capital continues "speculative buy", 12-month target price is $4.75* K4 r1 R' u* A: ]
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)# B, x6 z3 z a& T: W) j3 p, r6 q
Provided operational update
% O* ^# @$ U! R, b* KBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00' Z* N7 G `' R" P+ m$ x9 n
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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3 M3 @( f% O( S3 o" @" ~Paramount Resources (POU : TSX : $7.85)
: e8 ]6 c! o4 t& f: j5 cProvided operational update: Grande Prairie emerging as the key focus for F090 D% ?. ?* m |) ?* p ] \; B
GMP Securities maintains "buy", 12-month target price is $12.00) d+ A( W+ I" f! h" Z1 M
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Rockwell Diamonds (RDI : TSX : $0.07)
% U6 ?* V( U& l, ROperations starting to turn the corner
: h1 U$ j8 ~; M! e8 ~' m6 a! IRBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
8 D* p' m! H& R, p' Z% ]; @6 qReleased Q1/09 results: in line, subscribers ahead8 C: t) x/ j6 R3 W* v0 @
Credit Suisse maintains "neutral", 12-month target price is $25.50$ g3 b% J9 Y& Z, h/ I U* l
GMP Securities continues "buy", 12-month target price is $26.50
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9 e& I2 G% o: L0 L+ |0 PSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
( L% w( w# {" y$ C: H. u& PHeld a sell-side lunch showcasing new U.S. team
8 Q; |6 }7 M& B! h$ R6 TScotia Capital Markets maintains "sector perform", 12-month target price is $33.00- M0 x, v& E- ]* v4 L
" k) h9 c9 u+ eTrican Well Service (TCW : TSX : $6.93)
% \9 n* {$ J- [/ p/ N7 W- YAwarded Russian contracts
- N, ]4 A( C* PBlackmont Capital maintains "hold", 12-month target price is reduced to $8.756 m& B/ ]8 E2 J8 c+ T
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
% w5 S" J/ N) h. W! ^; t; kRBC Capital Markets maintains "sector perform", 12-month target price is $10.00* t: J' h; @ I' G& S) u
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Sino-Forest Corp. (TRE : TSX : $8.93)* T- K! F; v K( c4 t
Chinese furniture exports rose in November. P/ {0 c* |) f* H+ b
Dundee Capital Markets maintains "buy", 12-month target price is $23.507 I l# I1 L! w( l& O/ c+ B
0 Y" P+ P6 }' {1 t3 g* Q3 GUEX Corp. (UEX : TSX : $0.88)
) ]3 s2 D. h! w" ?! f7 L" u2 N# UShea Creek's two largest deposits have become one, \# H; B5 Y4 n. b
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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7 e3 q& h+ |5 a/ rVero Energy (VRO : TSX : $4.72)
# S) x: y3 G* E9 o0 L/ gReleased Q4/08 results: horizontal focus to continue in F09
# Q& l4 _7 @8 Z8 R) ? I. |Dundee Capital Markets continues "buy", 12-month target price is $8.00
+ O: U+ O U) jGMP Securities continues "buy", 12-month target price is $7.50
( U: O2 r% p5 Y8 y) NParadigm Capital continues "buy", 12-month target price is $12.00! c$ p+ y% `8 p1 ~" D
RBC Capital Markets maintains "outperform", 12-month target price is $8.50! Y, h% c: g: q0 L, J. s2 O5 X
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Wi-Lan Inc (WIN : TSX : $1.75)/ k! m! l1 o& w* i
Hit homerun with Samsung) y$ r E. l2 h) ^+ B: ^! r9 b' g
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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