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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)) x% x2 V' T" M
Bracing for a tough few quarters
( j2 m; d" H7 ^% ~Canaccord Capital maintains "hold", 12-month target price is $4.501 Y, v. Z' |3 M- j u, ~7 K
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)" d5 D2 Z+ w/ j& [0 x& K' N
Growth outlook, challenging pipeline and high cost structure make future unclear) o( q E+ u5 y" o, p5 F; C$ q
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00" V5 ^" L9 d) l7 ~
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00* c4 p* K6 e5 g' W4 C$ M
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Astral Media (ACM.A : TSX : $22.98)" M9 y2 j) Y8 S
Released Q1/09 results: strong, in light of challenging operating environment! @# P0 U0 {( \ Q$ l: r
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
' O" E7 |0 G. c7 rDesjardins Securities maintains "buy", 12-month target price is slashed to $28.006 ^" {9 N) W6 f7 H' E v, ^
GMP Securities maintains "buy", 12-month target price is reduced to $30.000 V% e, j/ M% k. s; M) v% Y: {
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00$ o3 P% @0 K1 b8 Z
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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$ N# y0 C) g" D1 u8 c8 [4 CAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)! B& w/ Y/ ?3 L$ X0 w8 H( U
Well positioned with gold production forecast to double this year and next9 g! f3 \4 q2 o% A& f2 z6 p* z3 j1 J
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
- r1 _5 s( V8 o+ ]1 sTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00. G% G6 `& H- O7 \
1 e/ D6 h0 r) c1 G1 V0 p1 pARC Energy Trust (AET.UN : TSX : $17.15)
9 \; z" ^, V6 w( e& o& OReduced distributions by 20%; capex also cut
: t2 g6 k: r% N( _6 O- g$ G6 M BRBC Capital Markets continues "outperform", 12-month target price is $19.00
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1 p$ w# H/ F0 t5 w0 s6 b3 ~Andean Resources (AND : TSX : $0.75)
@) c- G4 s& x: J, S2 w/ b3 J4 zAnnounced F09 outlook& i. E: o$ }, H, Z0 h% n% A
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
4 ^" y1 q% g3 r+ E( ?" fTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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- s% n" C$ s% s! H5 t+ J3 X/ ?7 e- NBombardier Inc. (BBD.B : TSX : $4.65)6 Y' g2 y4 u7 B7 o: b& V9 m8 }
Rising challenges in Aerospace
5 T7 s4 r# |5 \$ F- } b3 t8 GGMP Securities continues "buy", 12-month target price is $8.00
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3 a" M) p( R' |Bank of Montreal (BMO : TSX : $31.84)# C8 Q5 ]3 u3 A0 g2 D' R2 c
Acquiring AIG's Canadian life insurance business4 X: H! M$ a+ J; ]
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
2 Q7 m1 [/ w2 U/ o( T5 T) u- WQ1 review: Canada results encouraging, but Portugal remains a drag( X1 o% }, Y& a' Y; R- l, `
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
; b/ S" [* S8 T( vDesjardins Securities continues "top pick", 12-month target price is $40.00& B1 V! i5 L; I9 F* w! s1 K
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00. s% G& p2 S/ m: W7 x
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
5 { P4 _# g: }; K- Z( zCapital budget set to expected cash flow; production guidance lowered
! G( G( u. \' sRBC Capital Markets maintains "outperform", 12-month target price is $4.257 B2 t, Z2 K3 S$ m4 P* q; c5 u
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COGECO Inc. (CGO : TSX : $25.14)
$ T+ C/ x6 c" a5 V0 K. ^7 dStrong radio and cable drives 39% EPS growth j, v: k1 W5 ~& H* m" }( n$ G
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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$ v. y4 i: J# V- \% R' v7 }9 E% {CanWest Global Communications (CGS : TSX : $0.51)
4 f, o+ R% ]; i2 j0 b1 e" O* N9 fTaking action to address tough operating environment O4 g) m6 z! g0 D
BMO Capital Markets maintains "underperform", no target price reported+ ]3 V. H/ O7 h, R9 i0 ~
Credit Suisse maintains "neutral", 12-month target price is $1.00) U7 e7 o0 _) d2 l; ~
GMP Securities continues "reduce", 12-month target price is $0.50
/ J! J, z. u2 a' B8 BRBC Capital Markets continues "underperform", 12-month target price is $0.75# J+ t6 |( i/ |0 l7 b- {$ p
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.506 D! d% C: }6 x+ k! E- g4 @
5 u6 F5 o& z, H+ L1 ZCorus Entertainment (CJR.B : TSX : $12.47)
1 j( z5 u1 p5 W2 s5 s* BQ1 revenues in line, EPS beat
5 l+ N* f9 E( eBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00. {, F1 v* D$ @
Credit Suisse continues "outperform", 12-month target price is $20.008 z) z* }, t m. a
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00& u2 H6 K$ s" B& v, s
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
0 a6 M) ]( g4 ERBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
. X: [; T, r+ u$ a! f8 ?Scotia Capital Markets continues "sector outperform", 12-month target price is $18.004 y3 _5 S7 ?8 J( M/ \/ z, s
& I- v. P4 i8 FCalloway REIT (CWT.UN : TSX : $11.84)2 B3 U( s4 [- r4 o
Held investor day3 ?% I# B7 W! y' n8 d8 @" H
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00/ q# [ l+ d1 T [6 n- C) t& p1 A8 ]& s
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Daylight Resources Trust (DAY.UN : TSX : $7.77)9 j0 c. p1 b: e9 }
Reduced distributions by 38%; guided for lower capex2 G$ |1 ? L$ c, ?
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ E6 O. X5 n" D- F) k0 J/ n1 cDundee Capital Markets continues "buy", 12-month target price is $12.00. R$ X: ]+ U0 d
TD 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$2.90)
) Q0 @- h* ^: f( p q( S) dSteady market and currency tailwind: U' S1 d, k5 N' \! h$ v
TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
4 O/ u+ e- b# |0 {) O! J, [; O6 D# [Revised commodity forecasts% L" R$ H! M6 a) `
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00- P; b" K# ]3 f0 B
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Heritage Oil (HOC : TSX : $3.77)
* E; t. t, T/ F2 w _Announced Ugandan commerciality on exploration success! S A7 w( H3 M* x
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)6 Z3 d |0 T* H5 C! h0 v
Retail division suffers
6 E+ m% J8 D0 s& S5 n4 eDesjardins Securities maintains "buy", 12-month target price is $12.60
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( d$ u P- I- ^; u8 X% ALaramide Resources (LAM : TSX : $1.84)
# w G) p! @% d. |Westmoreland provided more high grade at Redtree's Jack Lens0 o# T* o4 F" H2 e4 W
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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9 a) \ \2 ?4 tLockerbie & Hole (LH : TSX : $6.00)
v# O5 z- r+ Y) ^4 zReleased Q3/09 results: very strong, focus should be on active backlog
" ~' U3 V& i4 `' Z# PGMP Securities continues "buy", 12-month target price is $9.00
$ a3 V3 d# U$ } o6 N9 M$ ]. [Raymond James maintains "market perform", 6-12 month target price is $8.25) W& D, g/ [$ S) U' |* h, @; _- q
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
7 o. ~4 l& B: g- e- Z( HReduced distributions by 70%
% m8 I6 _; a+ aRBC Capital Markets maintains "outperform", no target price reported
" N/ P. Q H( Z/ W" GScotia Capital Markets continues "sector underperform", 12-month target price is $6.509 ?/ U, `" G& t% d/ y) M
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Matrikon Inc. (MTK : TSX : $2.04)
K6 o0 k5 ?! n7 eReleased Q1/09 results: a little light, but still respectable! T) x" U0 k9 q2 w1 N' d
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50( z$ |( x6 q9 ]. c
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97) v8 V* g+ f) p0 `- ^" G7 n
Expecting lower CFPU on higher taxes
1 |* K% d8 _1 X; t" ~BMO Capital Markets continues "outperform", 12-month target price is $18.00: r( W& e$ w; k" H
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
. Y1 L1 } `: F, v( e* w' O" QTD Newcrest continues "buy", 12-month target price is $17.00
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+ {2 O& \+ a7 kNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)+ u" c' `: K4 s R$ `, R
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain& R, N0 K8 Z. k+ s! x
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
1 P! h7 A2 B2 TCredit Suisse maintains "neutral", 12-month target price is US$1.009 f x3 N9 ?( C0 @; F
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
* F" R% A; ?, \9 u) h) O' \, D8 sDietary supplement business facing headwinds
3 L% e! D% I( YParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)- A$ V9 K6 j+ n
Provided operational update and F09 guidance6 O+ A" c, M, Q' V" A O. a- v
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)) `6 I& k) Q& t8 j
South Barnat resource around the corner
( |! M% Z& H; z. OParadigm Capital continues "speculative buy", 12-month target price is $4.75/ V" X: z( M3 F( D# d6 e6 Y
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
: S1 ^& c% J/ s I1 hProvided operational update
7 f) `& R4 f8 YBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
$ v& a! R8 R+ e5 x+ BTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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/ c- [) x1 q% `" @/ G7 X# Y5 R6 OParamount Resources (POU : TSX : $7.85): z5 q0 e) Q& S4 F
Provided operational update: Grande Prairie emerging as the key focus for F09( ~4 V3 W J: T8 b+ s
GMP Securities maintains "buy", 12-month target price is $12.003 R7 m. M/ Z3 {+ Y& v! Y0 [( E) V
g1 V. {5 v5 r) {/ D# }& TRockwell Diamonds (RDI : TSX : $0.07)8 E; |' C7 d( x
Operations starting to turn the corner
0 M# v+ S+ z# I; uRBC Capital Markets maintains "outperform", no target price reported0 S# {# x( v' Z- {: o
% s$ T4 y1 @+ v3 {Shaw Communications (SJR.B : TSX : $20.13)% B: s$ l/ R1 G2 H2 P% Y$ n9 Y
Released Q1/09 results: in line, subscribers ahead
+ O( _% x, m7 @1 n* I9 }Credit Suisse maintains "neutral", 12-month target price is $25.50* \1 b* x9 m6 f+ H
GMP Securities continues "buy", 12-month target price is $26.50
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; X2 \( F% I! @* Z7 gSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)+ T* L/ f% R* }4 d$ Z5 z
Held a sell-side lunch showcasing new U.S. team) G: ?4 b6 y" n8 A9 g
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
! T, K8 I! |5 NAwarded Russian contracts7 }, i" i: M9 R+ T+ e6 I
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75/ }8 k& Y: v' q2 G0 c5 A4 z. _
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.007 I! ]0 i3 c% _. R4 }4 b
RBC Capital Markets maintains "sector perform", 12-month target price is $10.005 S/ w1 i' l* [: _0 G$ S. S
; \6 |) n. t8 RSino-Forest Corp. (TRE : TSX : $8.93)) \1 h: N: ^9 x# ?, Q
Chinese furniture exports rose in November
' H0 h( I2 Q) e, J! j2 X' u3 H5 |Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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$ [2 t( T+ o$ f) y0 E0 @1 e" p+ uUEX Corp. (UEX : TSX : $0.88)
5 g3 n$ A- l q% v1 jShea Creek's two largest deposits have become one! N4 ^! B# U2 K' ^
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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7 p$ N7 a! p& T1 zVero Energy (VRO : TSX : $4.72)2 n9 x" m5 B: y5 L
Released Q4/08 results: horizontal focus to continue in F09
: V; X, F3 ~' S5 e. ^Dundee Capital Markets continues "buy", 12-month target price is $8.002 o* T5 ?- _/ R4 u/ B6 y
GMP Securities continues "buy", 12-month target price is $7.50
8 d6 U% V7 O' k) o; WParadigm Capital continues "buy", 12-month target price is $12.00! F8 W; G% ?" q( b4 r
RBC Capital Markets maintains "outperform", 12-month target price is $8.50, C- V3 ?) A9 {) f( [
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Wi-Lan Inc (WIN : TSX : $1.75)
7 P+ p+ f/ v& k K( iHit homerun with Samsung
: w: f+ ]0 [/ b6 I3 J; u7 ?Paradigm Capital continues "buy", 12-month target price is $3.50 |
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