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Ear on the Street --- Jan. 16 2009
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% U0 n# e3 D% F, dAbsolute Software (ABT : TSX : $3.36), M9 s ~2 A# ~- {1 m8 r& T
Bracing for a tough few quarters
: ^" I i# }0 X4 G+ K }( FCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)/ F: l" Q1 G2 e- U O) r
Growth outlook, challenging pipeline and high cost structure make future unclear
( Z7 I% O, e, @$ Q' O0 zBlackmont Capital continues "hold", 12-month target price is lowered to $48.003 M0 i9 v& B8 l0 ^, D
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00& i- L0 F$ `' o+ e9 s8 G
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Astral Media (ACM.A : TSX : $22.98)7 g' Q6 n* _, t ?9 `1 }6 x
Released Q1/09 results: strong, in light of challenging operating environment4 n* s+ h& L: x q+ X
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.003 b9 a M) U8 J
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.008 O2 @% ~/ q5 ]; Z9 {7 y
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
/ t6 W( t. R% z9 P7 dRBC Capital Markets continues "outperform", 12-month target price is raised to $31.001 N7 J$ Q0 o) P C
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
2 h; t u* X8 s1 Y9 T6 |Well positioned with gold production forecast to double this year and next5 H$ K Z s7 }9 g: t z/ w" W
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
; m. `7 k$ ?1 s3 Z9 Q0 PTD 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 l& | ]5 l0 z u6 _Reduced distributions by 20%; capex also cut+ T9 X: n1 [' y+ L# u; u b
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
6 |: |" S& t: ^6 W$ uAnnounced F09 outlook) S, n ~" G, B+ a
Paradigm Capital continues "speculative buy", 12-month target price is $2.25; D. f' z; _( k3 s8 \- ]" R* w
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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/ Z, v5 u; A/ CBombardier Inc. (BBD.B : TSX : $4.65)& m: C2 t6 l, b* z' K9 Q1 N
Rising challenges in Aerospace
5 S7 o# e) P6 |GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
! {5 o/ Y3 `+ P3 s& gAcquiring AIG's Canadian life insurance business
/ j# I4 q/ \- {) kTD Newcrest continues "hold", 12-month target price is $37.00
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5 v/ y( |' H5 F0 X3 i5 H+ @8 X% n4 B) uCogeco Cable (CCA : TSX : $33.37)
' Q# D/ W5 J: q# d+ v" o9 g" ]Q1 review: Canada results encouraging, but Portugal remains a drag. ?. n/ c q1 d
BMO Capital Markets maintains "outperform", 12-month target price is $46.00% E: C) U B* z7 K; s' T
Desjardins Securities continues "top pick", 12-month target price is $40.00: ~' Y! l# W5 K6 C/ [
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00. O8 W2 X. E# C+ K- Y
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00; @4 B, j! S8 g6 y" x
' r7 P( g6 O0 O1 i0 ?Corridor Resources (CDH : TSX : $2.45)
! |$ a% X# h% UCapital budget set to expected cash flow; production guidance lowered
1 ?6 F3 M+ @2 `RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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2 E+ }2 W0 H4 e1 j) N% `COGECO Inc. (CGO : TSX : $25.14)5 S! |: M/ C7 {+ @" ?) I3 O
Strong radio and cable drives 39% EPS growth
. \( R& [- I3 [, h' PScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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2 |1 P6 P% ?) @CanWest Global Communications (CGS : TSX : $0.51)
, o4 F S% \7 r* m- o: j: c$ }Taking action to address tough operating environment
* `) k+ J( U: V2 F# V9 D, h% F* NBMO Capital Markets maintains "underperform", no target price reported# S* a3 p, _5 w D4 p: h
Credit Suisse maintains "neutral", 12-month target price is $1.00
0 t/ N: F5 Q H) hGMP Securities continues "reduce", 12-month target price is $0.50" @5 M: b; d5 [/ D2 m% m
RBC Capital Markets continues "underperform", 12-month target price is $0.75 e2 h) G* o5 T5 L0 E% p3 W
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.508 m' v$ a) O/ m
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Corus Entertainment (CJR.B : TSX : $12.47)
' ?- N- i% g2 n7 {+ Y! x5 pQ1 revenues in line, EPS beat
, t( b( q1 x* v$ D4 P$ VBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
1 c/ b! W# w& q: CCredit Suisse continues "outperform", 12-month target price is $20.00# |1 C6 E0 S K0 H: e
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00! s6 M8 f, H* C: K
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
; b8 e4 E9 ?9 G, s8 ~6 _2 S! I( n) dRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
1 C4 R8 [5 O: l0 J; B. J. ~7 sScotia Capital Markets continues "sector outperform", 12-month target price is $18.00' [" G0 C& F6 T: I$ Z3 P
. K9 Y1 X2 L j" y6 JCalloway REIT (CWT.UN : TSX : $11.84)" m6 G5 T1 t5 e+ P; \' e; o% Q L
Held investor day
/ l1 R: f$ U9 R8 jScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00) Y3 r5 R4 m/ d v- f8 A& O* a
; s9 e3 w. f* a* o/ t7 |2 s( M O9 BDaylight Resources Trust (DAY.UN : TSX : $7.77)/ L$ ^6 Z2 o0 j( x Z. f
Reduced distributions by 38%; guided for lower capex$ V7 _8 I8 ?2 B- u1 y
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
5 W3 `+ {' ^$ [2 J$ w1 K% B4 X; q7 kDundee Capital Markets continues "buy", 12-month target price is $12.00
6 X: k, {( ]) J+ wTD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
1 u* A/ Y B0 K* U$ L( ^% aSteady market and currency tailwind
7 W0 S/ C4 {1 H' ], x# j OTD Newcrest maintains "buy", 12-month target price is US$5.00
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. B1 X$ T5 x) v5 k- kGoldcorp Inc. (G : TSX : $29.74): T- l% Y0 U8 _4 `! F
Revised commodity forecasts) Z* v9 j# F& i$ X
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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* y4 z( C' }' M7 sHeritage Oil (HOC : TSX : $3.77)
" U B: l, U3 d$ J& a' h6 e* sAnnounced Ugandan commerciality on exploration success& r0 I" i! W, n! P7 L! ~% v, `
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)! T0 S5 j6 n b. G& F+ t* ^: ~
Retail division suffers2 `; O, x+ F2 E+ b. Q9 S
Desjardins Securities maintains "buy", 12-month target price is $12.60
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& v. o7 }+ B( h+ Y5 S/ k0 iLaramide Resources (LAM : TSX : $1.84)# q% q. X) o! ], E$ Y4 b9 J' w( a
Westmoreland provided more high grade at Redtree's Jack Lens. T9 c& v, V$ B H" X" q
Dundee Capital Markets continues "buy", 12-month target price is $2.30: u9 o3 L$ F# l) G
_7 w7 I$ r U3 }, WLockerbie & Hole (LH : TSX : $6.00); Q4 x6 i! _9 Z w5 X5 N5 G0 a
Released Q3/09 results: very strong, focus should be on active backlog
0 U1 \/ x1 J4 h+ D+ K2 ~! K+ F4 GGMP Securities continues "buy", 12-month target price is $9.00
" C! I0 K7 `# R! S% e. bRaymond James maintains "market perform", 6-12 month target price is $8.25. |/ J: [2 K6 T
* R d9 e2 j e8 V, LLivingston Intl Income Fund (LIV.UN : TSX : $6.00)+ P: g+ R: i0 T! q4 i
Reduced distributions by 70%6 e2 S6 t/ P( W: i
RBC Capital Markets maintains "outperform", no target price reported9 E! R$ ~1 A; `
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
' J8 a: L" }# y( V8 ]0 s( O! j; eReleased Q1/09 results: a little light, but still respectable5 R+ n3 }8 g+ ^
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50" V+ A( u$ l+ R1 {' X
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)+ E! I: L7 {0 k4 b7 `: }
Expecting lower CFPU on higher taxes
, H& {& U) z# y$ U$ u t/ Y, UBMO Capital Markets continues "outperform", 12-month target price is $18.00
% g* @$ W3 J0 E5 aRBC Capital Markets continues "sector perform", 12-month target price is $12.00
+ V/ i5 s% C% sTD Newcrest continues "buy", 12-month target price is $17.008 F( o4 ]6 v; n0 j& M/ q
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)+ u! X8 T4 W: }8 L
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain& k3 P; T- |/ K4 P" E
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
# q: p4 C4 n# T$ l* _Credit Suisse maintains "neutral", 12-month target price is US$1.00
2 j3 a; n9 q6 [4 Z4 B9 lScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80* h- P# X; _3 x$ v# Z
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)& O, x$ O5 F* c& `
Dietary supplement business facing headwinds8 v( f+ g. O6 H+ 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)) I% }4 x, [4 u ]# `8 \
Provided operational update and F09 guidance
P( f5 F) j! WHaywood Securities continues "sector outperform", 12-month target price is $3.25
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% l4 t1 D2 n g q+ m6 N" BOsisko Mining (OSK : TSX : $3.13)
; d% W; H k/ [0 ]- E$ O7 qSouth Barnat resource around the corner
' @4 u8 r b" ]4 GParadigm Capital continues "speculative buy", 12-month target price is $4.75
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! {" f* r7 s6 K% ]2 W: BPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)2 @1 M- _: F7 K% A: D
Provided operational update; J8 V; w- A9 J" ?8 s2 m
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
9 q+ S g; j7 W$ i2 k3 N7 `TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50$ g$ v: ^& V8 i4 ?9 U9 ]/ B/ W q6 L- `
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Paramount Resources (POU : TSX : $7.85)% l+ K. ?* d( X% W6 O: g7 j
Provided operational update: Grande Prairie emerging as the key focus for F093 h Q/ A: k& |! y0 g
GMP Securities maintains "buy", 12-month target price is $12.00. F* d; r( g& i: D# @
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Rockwell Diamonds (RDI : TSX : $0.07)' V% A; ^# Y/ l) U
Operations starting to turn the corner
; a2 z& i3 E' pRBC Capital Markets maintains "outperform", no target price reported
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. o' e" @+ _, oShaw Communications (SJR.B : TSX : $20.13)
6 ?/ l4 X$ M4 l& Q' N' Q$ xReleased Q1/09 results: in line, subscribers ahead
6 }/ Y# w$ P4 x2 o |! L* Y5 rCredit Suisse maintains "neutral", 12-month target price is $25.50
! `4 z2 H2 ^+ X6 J1 Y: ^. HGMP Securities continues "buy", 12-month target price is $26.50, m- g9 Q" Y! V3 T5 c/ o
, W K, ?2 c* b lSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
8 ?: x" t, }7 ]% \' } R6 }Held a sell-side lunch showcasing new U.S. team. b" k( `! H2 |3 l4 j2 |
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.005 s; V2 ?# C8 |5 m# l" h* D9 ~
" E- S$ C) W& T) u, }, {: _: QTrican Well Service (TCW : TSX : $6.93)2 ]) _4 n6 H g( A: d3 \! O
Awarded Russian contracts s$ k& ^/ }$ M( @: x
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75$ b' [) I; [' I: J# a
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
* A* V! X0 o* O' V$ u/ I% @! B7 KRBC Capital Markets maintains "sector perform", 12-month target price is $10.00, B. ^4 m4 @. r7 s6 e* S% w- P
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Sino-Forest Corp. (TRE : TSX : $8.93)
0 K# P& b) q5 Q# DChinese furniture exports rose in November! b* P- k2 b+ x
Dundee Capital Markets maintains "buy", 12-month target price is $23.50% h7 W* J9 P/ U% l3 I: G- F
$ x4 `5 ~4 o3 l% g4 y# c+ ]UEX Corp. (UEX : TSX : $0.88)
, i# X+ L2 p8 A* KShea Creek's two largest deposits have become one
- T: T0 q) F3 o# JDundee Capital Markets maintains "buy", 12-month target price is $2.75
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u5 `6 t& z+ l5 TVero Energy (VRO : TSX : $4.72); D) U$ ^1 j X0 }1 d
Released Q4/08 results: horizontal focus to continue in F09" ^7 {1 M Y. \8 D+ p- R/ N
Dundee Capital Markets continues "buy", 12-month target price is $8.00
4 [8 I' _" J: h* eGMP Securities continues "buy", 12-month target price is $7.50" K6 t6 G. U4 P( J) G; v! ]
Paradigm Capital continues "buy", 12-month target price is $12.00
! i+ L$ Q. L! b! ~" ERBC Capital Markets maintains "outperform", 12-month target price is $8.50
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5 B: ?0 ]$ j& F' `5 yWi-Lan Inc (WIN : TSX : $1.75)) g, u- g; ^; k9 T8 l5 _0 w" E
Hit homerun with Samsung
2 s C6 }$ h2 D7 R aParadigm Capital continues "buy", 12-month target price is $3.50 |
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