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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
! x: m# m9 W; `0 j$ V/ J5 YBracing for a tough few quarters
* e3 C$ y [- O( @ C+ U% qCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)/ I k+ M. R" v/ p8 x; a( g/ u
Growth outlook, challenging pipeline and high cost structure make future unclear
- ]( J9 h8 M8 v- Z5 r" E0 cBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
. @' ~* t4 i5 X1 c3 u0 ]' eTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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8 h) }/ x+ t; S1 e1 vAstral Media (ACM.A : TSX : $22.98)5 g6 y8 z2 l' N
Released Q1/09 results: strong, in light of challenging operating environment* B/ ~# ]+ t# B
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00+ |# o z. C1 l6 x2 x& N
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
5 W; g3 T" `; [ e6 v5 |' VGMP Securities maintains "buy", 12-month target price is reduced to $30.00
1 e( [3 M5 t% h# w0 `RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
' D+ v9 Q! Z$ C$ o' `1 q' qScotia Capital Markets continues "sector outperform", 12-month target price is $30.00- W, [+ y3 p$ [" `% C! F+ S
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
6 s( [! g4 ?- ?( v" KWell positioned with gold production forecast to double this year and next
8 L$ w6 x. u/ R4 p. Q1 e- f% C0 g+ RBlackmont Capital continues "buy", 12-month target price is lowered to $83.00& P6 D; H) J6 S. s+ N+ S7 r) j
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00* }% H' [3 V! g% ^# Z
6 D$ `% [# j/ iARC Energy Trust (AET.UN : TSX : $17.15)5 w3 G3 P! G" d. x% q
Reduced distributions by 20%; capex also cut
& \7 ^) k( t% j* {RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)/ y3 S( M* j9 F
Announced F09 outlook
9 Z7 d1 A" C: u: p+ g0 t4 QParadigm Capital continues "speculative buy", 12-month target price is $2.25' q9 _. \8 H" S! L0 x7 X: w5 k' j
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
, L% p( H9 C2 N0 Z/ MRising challenges in Aerospace
1 |1 h& T% J9 M+ ~$ q% u2 j! o& k* Y. y' AGMP Securities continues "buy", 12-month target price is $8.00, `9 S: L. l' p' [6 f7 _
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Bank of Montreal (BMO : TSX : $31.84)- E# A0 ?4 t$ P8 D, H) i/ g0 `
Acquiring AIG's Canadian life insurance business m Q8 O8 d/ x, p! P7 O
TD Newcrest continues "hold", 12-month target price is $37.00
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( \$ x6 I; h h+ `6 k5 iCogeco Cable (CCA : TSX : $33.37)
) J* m# b% ^, [: z% ]( G: bQ1 review: Canada results encouraging, but Portugal remains a drag
\1 ~4 ^% ~. X7 ~ D$ ^BMO Capital Markets maintains "outperform", 12-month target price is $46.00
; c3 n" k4 W9 v/ gDesjardins Securities continues "top pick", 12-month target price is $40.00
+ E @8 q! d+ K9 VRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
6 w- Y% [% P$ e$ NScotia Capital Markets continues "sector outperform", 12-month target price is $55.00! h3 ]" b) r2 j! M1 @) }
3 N: u0 I: V" }/ sCorridor Resources (CDH : TSX : $2.45)2 p2 c: s1 t( j! B: w
Capital budget set to expected cash flow; production guidance lowered1 F$ Q3 s, C b% B
RBC Capital Markets maintains "outperform", 12-month target price is $4.25; g, V6 ^5 G! z/ g/ k' m4 A
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COGECO Inc. (CGO : TSX : $25.14)/ O \: E! C# J0 x/ i8 e
Strong radio and cable drives 39% EPS growth: u- H. i# s' \" i8 u- [
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00$ k4 Z# V# }( `4 o) p1 s
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CanWest Global Communications (CGS : TSX : $0.51)
! g) r* @4 m( B# Z6 b0 Y+ w: `Taking action to address tough operating environment0 U! Q N( y4 P" c9 b
BMO Capital Markets maintains "underperform", no target price reported
7 y5 d5 X: E5 w9 S, @( W; LCredit Suisse maintains "neutral", 12-month target price is $1.00
% P6 d! j" B' S5 Z( d2 B/ ~" fGMP Securities continues "reduce", 12-month target price is $0.50
- C0 ^8 l; P& n. M) k4 Z, H1 Y$ HRBC Capital Markets continues "underperform", 12-month target price is $0.752 Z+ B0 X. ?+ D9 G
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50/ O0 x* s1 n* p; s
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Corus Entertainment (CJR.B : TSX : $12.47)" b! v3 b: n7 ]$ h( x
Q1 revenues in line, EPS beat, y A: v/ w5 u8 Q5 T- `: \
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
: B' l, f5 p$ V$ ]Credit Suisse continues "outperform", 12-month target price is $20.00
5 N) k: l# n4 e* P& w wDesjardins Securities maintains "buy", 12-month target price is lowered to $15.008 n s; \+ `9 w/ A" R7 i
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
" E1 \$ `+ s# h: xRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50% j) c; ]2 g1 ?
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00, `1 T! D1 B! {3 O; s1 j- |
4 N1 M. u1 ]) `' O+ YCalloway REIT (CWT.UN : TSX : $11.84): w3 D7 b" F5 g K1 u
Held investor day
" L9 |1 y/ ]5 E, O u4 wScotia 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) d% o, |- D% B8 `
Reduced distributions by 38%; guided for lower capex
2 l9 }, O- R! k9 SBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
9 n# f8 v; ]) M8 e7 l! p i% TDundee Capital Markets continues "buy", 12-month target price is $12.00
) `7 `4 Z( w s8 L' Z5 F7 m6 kTD Newcrest continues "hold", 12-month target price is $7.500 R+ V2 `+ Z6 I2 f6 l9 w, n) Q+ B- d: Y
6 L0 y: L- P0 X% G" N! o- EEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)( G$ p" r8 A# H) D0 z
Steady market and currency tailwind3 h' ^8 e" v k" `3 q- d' [2 {( j
TD Newcrest maintains "buy", 12-month target price is US$5.00
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8 I8 f* J$ |) D9 p# [Goldcorp Inc. (G : TSX : $29.74)
) _( x( s$ [( c* o& u$ |+ xRevised commodity forecasts
1 p6 @4 p5 o* X9 QBlackmont Capital maintains "buy", 12-month target price is reduced to $49.001 \; ^6 R) e* [+ r/ m
" p5 C/ w! B, F. }Heritage Oil (HOC : TSX : $3.77)+ f2 P, ~- s. j2 B* Y
Announced Ugandan commerciality on exploration success5 G4 u; l) \. s! @% S( C1 b7 ?
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50& m/ @) H6 I0 b! M) }* L2 h' {
6 x0 y6 _; N0 f/ sHarry Winston Diamond (HW : TSX : $4.98)
: H4 y& R0 a' k( f0 URetail division suffers/ l9 d S, I* ?6 k; }7 N9 o
Desjardins Securities maintains "buy", 12-month target price is $12.605 \, P; T; q, X' S
/ T6 L9 O- H4 K% fLaramide Resources (LAM : TSX : $1.84)$ X: e) r3 k: N5 C0 b
Westmoreland provided more high grade at Redtree's Jack Lens
1 `; ?5 j$ a) X/ d/ \. [3 rDundee Capital Markets continues "buy", 12-month target price is $2.30, u/ G4 u, A4 c6 A% t4 u7 |
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Lockerbie & Hole (LH : TSX : $6.00)8 W4 A3 p; ?0 Q( V- G
Released Q3/09 results: very strong, focus should be on active backlog4 d- v0 |2 j- V3 K
GMP Securities continues "buy", 12-month target price is $9.00
1 m' g; |- y" R7 J D/ m X' [( lRaymond James maintains "market perform", 6-12 month target price is $8.253 b6 B/ q0 l- z
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)6 W3 K# r$ B) C7 ?. j$ S
Reduced distributions by 70%' ], w* e: S; K, V7 [) o! f! Z
RBC Capital Markets maintains "outperform", no target price reported* d4 f1 ]! k8 Z7 x
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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( {% _6 Z3 ]3 d5 s# m9 IMatrikon Inc. (MTK : TSX : $2.04). G% A3 Z, M. A
Released Q1/09 results: a little light, but still respectable# y4 `6 _1 V& C4 u C
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
" d4 [2 x1 X$ Z, H6 LParadigm Capital maintains "buy", 12-month target price is $4.00& `4 M: `& m. L) i; x( a
! }7 g5 g9 n. G; JMullen Group Income Fund (MTL.UN : TSX : $10.97)
# p' b$ _' g2 c* H e. DExpecting lower CFPU on higher taxes
" [% [: M% _, O+ O# MBMO Capital Markets continues "outperform", 12-month target price is $18.00
" j; ~9 ^( B& z n5 i6 i- T7 f& FRBC Capital Markets continues "sector perform", 12-month target price is $12.001 ?* M6 ~( K- [- l% g* \
TD Newcrest continues "buy", 12-month target price is $17.00
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% T+ S' d% R' q! nNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
9 |+ z/ c0 ~3 x2 j- PReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain: e: M, o, ?6 m# w1 e
Blackmont Capital continues "hold", 12-month target price is reduced to $1.252 J( R2 N: [) Q9 v
Credit Suisse maintains "neutral", 12-month target price is US$1.007 g8 ?7 F2 i8 A3 h, O
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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# R7 Q6 b; G) t( [7 s& J4 o, MNeptune Tech & Bioresources (NTB : TSX-V : $0.79)3 i1 l1 N& x" Y: k
Dietary supplement business facing headwinds+ A9 }" P1 F) M5 o4 ]( g. U
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
! K9 ^, J7 i/ \' y f6 YProvided operational update and F09 guidance7 M0 m: U# W. v' X/ S: T7 W
Haywood Securities continues "sector outperform", 12-month target price is $3.25 h& u; v1 n6 X
, J4 b) l1 L2 n! p. b/ u4 J* `Osisko Mining (OSK : TSX : $3.13)
; M. Y+ F1 @: R X" ~' cSouth Barnat resource around the corner, b4 A3 V' p4 z. C+ k) A
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)
7 ]8 B1 y# d5 D5 w3 y3 ~2 Z0 o( J' cProvided operational update _1 P/ o' d# J5 Z' A% w7 S
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00& s/ O: ?9 {/ x: O7 C1 [ ~+ M5 a
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)3 A2 i# {& _% u+ D$ f6 l. S! S
Provided operational update: Grande Prairie emerging as the key focus for F09; ]+ X7 _) V, D; V' F6 Z
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07). `& k1 w& [5 k5 g6 T" e' J
Operations starting to turn the corner
+ \ G) Y0 J# JRBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)2 [4 R5 \6 Y& S" i; x
Released Q1/09 results: in line, subscribers ahead
- V2 O9 E) s$ ]' jCredit Suisse maintains "neutral", 12-month target price is $25.50) p4 Z, L! a9 |' ~1 K
GMP Securities continues "buy", 12-month target price is $26.509 C, X+ J B8 G- X! ^. `
% A% l _. _3 y9 w3 rSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48) r5 S+ G) r1 b
Held a sell-side lunch showcasing new U.S. team- y1 ?0 ]6 T/ w2 f- J
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.008 w- U" B1 V9 ^, A9 X$ f
" r/ J6 P8 j3 q% y9 \! sTrican Well Service (TCW : TSX : $6.93)0 f5 T1 s2 ^4 W# Y- m0 g, d- O- [
Awarded Russian contracts. J* H) H& L" @5 I/ a% J7 s% B
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75" X* ~' c+ H5 y0 c: m: f1 X
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.001 j/ q. b3 g: P
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
/ x% Y6 f/ k4 `* Y/ l7 ?6 eChinese furniture exports rose in November
6 Q5 M" P- E, a3 I$ {. iDundee Capital Markets maintains "buy", 12-month target price is $23.50
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3 n& F+ |( F/ `# HUEX Corp. (UEX : TSX : $0.88)4 d k. G0 f: p# Y2 R! e+ L* N
Shea Creek's two largest deposits have become one1 P$ F- V. b1 B1 X
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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( h4 b! p% F0 O- kVero Energy (VRO : TSX : $4.72)
( A. q0 X( [0 JReleased Q4/08 results: horizontal focus to continue in F09
, S$ ?5 @9 l) _" XDundee Capital Markets continues "buy", 12-month target price is $8.00
, `3 B/ h9 D3 c& M3 B6 P# SGMP Securities continues "buy", 12-month target price is $7.50" R. v8 x& g4 W7 @! u
Paradigm Capital continues "buy", 12-month target price is $12.00: J3 j* j. k+ o- j4 I: l
RBC Capital Markets maintains "outperform", 12-month target price is $8.50# V- h. r; M% s+ F- d6 c
" Z1 O( X F/ H& M, y" w% O- }Wi-Lan Inc (WIN : TSX : $1.75)$ v- u" `" \; c8 v3 _1 e6 e, U
Hit homerun with Samsung
7 D y( [1 v P8 u9 `* r/ H' [Paradigm Capital continues "buy", 12-month target price is $3.50 |
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