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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36), \9 }1 J Z' R0 G
Bracing for a tough few quarters
3 Q8 Z# H! M$ \: ?# y6 T! T' DCanaccord Capital maintains "hold", 12-month target price is $4.50* I; l7 ~' c8 u; b0 P6 \
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
7 z, ^0 Y1 Z1 f5 S2 u- LGrowth outlook, challenging pipeline and high cost structure make future unclear
" h. b. q( u- iBlackmont Capital continues "hold", 12-month target price is lowered to $48.00) f9 Q1 C( s/ f' Y9 k0 [; ?
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.002 D+ d. R2 W; x3 c' w
! ?) k- g' ^/ |/ j ?" Q# m( jAstral Media (ACM.A : TSX : $22.98)
1 ]5 F" J4 |; n VReleased Q1/09 results: strong, in light of challenging operating environment
" j) |- F+ o9 Y# ?- E9 v( a$ bBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
& ~# l% @' B" z1 gDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
5 O" A; f; d% {6 n+ v+ {* i+ ] DGMP Securities maintains "buy", 12-month target price is reduced to $30.00
% J5 ~# P/ T8 h% k% s5 KRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
, k! n$ M: D H. l4 ~Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00; x9 Z& ]5 @; c7 G2 F7 u
6 G( Q2 e l0 }. k! Y% wAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)) K& X$ e: s; ^) r$ ?( N1 n7 s4 }
Well positioned with gold production forecast to double this year and next6 M0 Q5 {7 B) v# Z$ C/ c: r; b
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
7 k2 j1 \8 h9 d9 V! bTD 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)
3 n1 i; C! p+ r2 [: a- }4 }Reduced distributions by 20%; capex also cut( E- {( I; I" f1 K6 C
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75). ?6 o+ }/ b6 P! ^6 W0 W# [) y! n
Announced F09 outlook
- [2 p0 [1 [* }, ~) N9 n1 gParadigm Capital continues "speculative buy", 12-month target price is $2.259 a+ ]: c2 R5 G8 O# t/ _% x0 e! W, A
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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& ]8 g1 x0 b5 Z& ~ CBombardier Inc. (BBD.B : TSX : $4.65)
. r' n- C3 E+ Y9 `Rising challenges in Aerospace
4 S. q. s, n, f( ~7 j( Q6 G. cGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
$ m% q4 g7 N* a5 n GAcquiring AIG's Canadian life insurance business
2 X6 _2 O8 q8 ?! I! M$ GTD Newcrest continues "hold", 12-month target price is $37.00
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2 \' w2 e( q6 \. ~* \# ECogeco Cable (CCA : TSX : $33.37)
& r( P; p7 g6 O# M U" CQ1 review: Canada results encouraging, but Portugal remains a drag
( Q- N6 v( v! DBMO Capital Markets maintains "outperform", 12-month target price is $46.00
9 ?8 H7 T: G+ c6 ?" jDesjardins Securities continues "top pick", 12-month target price is $40.00
6 k; l q3 t9 d( I KRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
4 r% w( T( Z& K/ [Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
2 I0 J& @9 T, H; NCapital budget set to expected cash flow; production guidance lowered) l# {/ _3 Z* g: @
RBC Capital Markets maintains "outperform", 12-month target price is $4.253 t6 J; W/ T% p) _ v# e
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COGECO Inc. (CGO : TSX : $25.14)
! U; t2 ~1 W( b% p% }& B, Z1 n0 w& TStrong radio and cable drives 39% EPS growth( P, r% H, d$ B% \7 \& x: l
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
1 T9 c5 u" A# |* q9 r% YTaking action to address tough operating environment
& I+ o2 w# o+ m! E1 a# RBMO Capital Markets maintains "underperform", no target price reported3 C% \0 V# d' V1 M0 X- i
Credit Suisse maintains "neutral", 12-month target price is $1.00
3 F- I8 p* L" Q# }* Q7 H9 D6 ^GMP Securities continues "reduce", 12-month target price is $0.50
; I* A/ a5 `& i3 A4 TRBC Capital Markets continues "underperform", 12-month target price is $0.75
; d0 r) m/ P, g6 _( mScotia Capital Markets continues "sector underperform", 12-month target price is $0.509 Q/ j3 ?; J, z5 D! A: u
9 v8 [* H4 L7 \Corus Entertainment (CJR.B : TSX : $12.47); Q- B1 v+ \6 C& i9 T
Q1 revenues in line, EPS beat3 r2 X4 ]+ A V
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
( I1 y3 e$ l; ACredit Suisse continues "outperform", 12-month target price is $20.00
2 l8 k ~! Y& {% o& h4 B& uDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
. u" b" B9 C! U5 q& {GMP Securities maintains "buy", 12-month target price is reduced to $17.004 R9 U% V* b+ X8 a- m
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.501 I4 [# P3 y+ K& ~8 P' {, E
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
- c7 A9 o( j3 z: h" y% G: E2 NHeld investor day
& x& `6 K& ~1 O$ z- B& E6 nScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00: \2 T% v* \# l
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Daylight Resources Trust (DAY.UN : TSX : $7.77)! J5 G ^+ Q' p/ a3 f. `8 {) |3 l
Reduced distributions by 38%; guided for lower capex
# G7 m8 q9 q( j+ V6 LBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
# M' y) @; q2 N, |. v; k5 }Dundee Capital Markets continues "buy", 12-month target price is $12.00/ Y. I# O. L a
TD Newcrest continues "hold", 12-month target price is $7.50
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) K% k/ m) Q# ?; a5 AEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
" s5 M) m& T( i( ~5 a5 ISteady market and currency tailwind
5 m6 C7 }+ P) _( k" BTD Newcrest maintains "buy", 12-month target price is US$5.00. \/ F4 g8 v! }3 V+ z
$ @) k1 L& f0 V3 Q% ^7 zGoldcorp Inc. (G : TSX : $29.74)6 w A% i& z( F
Revised commodity forecasts( M6 |$ H. x( \/ H- y2 S
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00- i y7 F' Z0 A2 \0 a9 e5 {
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Heritage Oil (HOC : TSX : $3.77): A+ t; s" `# n+ l, h/ N6 i
Announced Ugandan commerciality on exploration success
% d& D4 m% F4 BTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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- ]$ q: H. H! M& v1 x% ]/ p0 zHarry Winston Diamond (HW : TSX : $4.98)9 d" d. n* O9 e" t x6 p! M
Retail division suffers
; Z4 `; Q, |0 s1 sDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
0 V3 y; {6 v a$ M7 E, GWestmoreland provided more high grade at Redtree's Jack Lens
6 S. m7 d$ \& _1 d" [Dundee Capital Markets continues "buy", 12-month target price is $2.30 k! ?' s' V& h8 b' o
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Lockerbie & Hole (LH : TSX : $6.00)3 n( k* j2 Q! \8 {% K* b. `
Released Q3/09 results: very strong, focus should be on active backlog" G' C9 l, x' h6 m& y8 `- b
GMP Securities continues "buy", 12-month target price is $9.00
( h' ~3 P0 j8 I2 \! uRaymond James maintains "market perform", 6-12 month target price is $8.25
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e9 h$ n) G3 E( rLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
! ]# r& [% g2 q& wReduced distributions by 70%$ d; i$ @% ^1 I, q. G* `+ @' {7 _& Q
RBC Capital Markets maintains "outperform", no target price reported
- a2 q4 H7 a1 L' k2 W% {. WScotia Capital Markets continues "sector underperform", 12-month target price is $6.50, W( T& ^) R1 ]8 Z* R' Q! e, ]
; Z; J1 }& v+ o+ s% A; D2 BMatrikon Inc. (MTK : TSX : $2.04)" s* K- H0 l7 Y0 _' V! T. ] V/ W
Released Q1/09 results: a little light, but still respectable) L# T4 x& j7 E$ d7 s
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
% }% E/ F+ |5 J! V' c3 S" K& {Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
. ~0 l* {% E4 V% pExpecting lower CFPU on higher taxes
I2 n* ^) K! s' u* ^BMO Capital Markets continues "outperform", 12-month target price is $18.00
1 g. L: W$ s5 v% f3 Y- }" Z6 k6 FRBC Capital Markets continues "sector perform", 12-month target price is $12.00
' V+ O+ E3 L! R& o' y, qTD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)2 J5 J+ s |( ^2 q8 {/ y
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
8 M: r z L( [! YBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
+ Y. z% P _1 v* _% MCredit Suisse maintains "neutral", 12-month target price is US$1.00; S# i2 B8 z! A, D
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80& d) M; n7 t1 i! A" F- I
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79). {4 u& p2 [7 X" {' y
Dietary supplement business facing headwinds
3 C" @. A; p9 M" P& D3 QParadigm Capital maintains "buy", 12-month target price is reduced to $4.00* B9 T B5 M' [% Q. n1 O8 u9 k+ O
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Open Range Energy (ONR : TSX : $1.18)
! A9 c) _+ R% |, ?! g- b9 CProvided operational update and F09 guidance# a: }6 i b6 T1 p+ d
Haywood Securities continues "sector outperform", 12-month target price is $3.250 l2 E+ H" V$ J+ E
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Osisko Mining (OSK : TSX : $3.13). Q) l6 E( J- O* {; M3 i
South Barnat resource around the corner
, ~" s8 ]* E3 l/ y+ I; }" L: yParadigm 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)
B' I* l0 l% G! |, c5 R9 FProvided operational update
6 _+ b+ A8 Z3 EBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00& j7 V' M8 l6 u3 D: G s2 U6 }
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50" P& }. i/ s( u0 o4 ]! }+ V
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Paramount Resources (POU : TSX : $7.85)0 L! g: m& Y% t' K7 J
Provided operational update: Grande Prairie emerging as the key focus for F09
( d, L& u7 I o- B2 SGMP Securities maintains "buy", 12-month target price is $12.00/ g; D8 Z- o6 z- M9 N. ~" G& N& H) c
$ R. ~0 C3 n% }& B4 m. M: eRockwell Diamonds (RDI : TSX : $0.07)
2 m4 ^1 c+ f1 |; jOperations starting to turn the corner- F: r" C4 [5 o5 s/ X& t# N
RBC Capital Markets maintains "outperform", no target price reported
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; x* F' K) J. V- C2 ~, WShaw Communications (SJR.B : TSX : $20.13)) A- \5 {# u) D
Released Q1/09 results: in line, subscribers ahead/ r$ Z K' b6 l
Credit Suisse maintains "neutral", 12-month target price is $25.508 c* c$ f; K2 [9 p3 r. \
GMP Securities continues "buy", 12-month target price is $26.50/ v' C- F r, k; i e& A1 t l
) o8 z$ R- e0 z4 ySun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48). o$ `* i" w# K6 M1 K& I
Held a sell-side lunch showcasing new U.S. team
3 ]/ c3 F5 ?* \+ J; R. ?8 TScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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* l" B. [& a! o) dTrican Well Service (TCW : TSX : $6.93)3 R8 D: [8 C7 {/ c) d" q1 C; t
Awarded Russian contracts
+ n4 P3 u0 a3 _! mBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
* Z N5 M9 _ O% {1 vRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00/ J; @8 m3 o5 j/ V$ B
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00/ a/ }! x3 a" s5 [! u- O6 ]
/ z* z! a/ O- rSino-Forest Corp. (TRE : TSX : $8.93)2 ^5 D; e* S7 c3 D
Chinese furniture exports rose in November* H1 x, |1 c- ^2 v" p6 Z8 P; d
Dundee Capital Markets maintains "buy", 12-month target price is $23.509 ^! P) C: S: z V% A7 @8 R
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UEX Corp. (UEX : TSX : $0.88)
' I9 B- G6 j) w; |Shea Creek's two largest deposits have become one" d+ e% b( [) x" H0 X
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
6 \# l1 H+ K9 R0 kReleased Q4/08 results: horizontal focus to continue in F093 x* E' d; N) {# o3 N
Dundee Capital Markets continues "buy", 12-month target price is $8.00
1 a! U0 g m1 A# {GMP Securities continues "buy", 12-month target price is $7.505 u5 H( T0 @+ G5 p9 D- e0 C
Paradigm Capital continues "buy", 12-month target price is $12.00
. v ~, u1 |: ~( B' QRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
! k/ [9 J- X" k7 e [Hit homerun with Samsung
6 y+ O% a/ ]( p I! u) aParadigm Capital continues "buy", 12-month target price is $3.50 |
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