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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
: f" [) C. O$ Q: QBracing for a tough few quarters. E) K6 @4 w+ J0 Q* K- I
Canaccord Capital maintains "hold", 12-month target price is $4.50. b; a e( Q7 q$ T3 \; R6 U+ E
. @$ S* H. R- E9 gBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)0 l- ~" L( Z2 [3 l* x
Growth outlook, challenging pipeline and high cost structure make future unclear& b: |* I1 f. ?% i! y
Blackmont Capital continues "hold", 12-month target price is lowered to $48.003 T/ n) m& ]: V* [
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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1 h% ^ H2 E8 ?% D& n; Y. ^Astral Media (ACM.A : TSX : $22.98)0 a' H8 M' H Z! @1 R
Released Q1/09 results: strong, in light of challenging operating environment& |7 `! _( ? b- d
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.004 h6 p1 z+ Q) Z& S. @* r5 D+ a$ X$ I/ O2 R
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00 N' O8 D; l7 E" }# a( ?
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
- @/ F; } X" s5 N8 T& i& ?: [RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00" u i6 \" L( d
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)* e4 b( c4 k2 G3 k1 u
Well positioned with gold production forecast to double this year and next
. A( F" T1 [* c# ^Blackmont Capital continues "buy", 12-month target price is lowered to $83.007 O$ l" I0 q" c- @. M2 a
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00- h, w `5 l! D3 u4 @ V3 H! t
v- Z6 D ]7 d- t: _: w. XARC Energy Trust (AET.UN : TSX : $17.15)
4 a6 d& ?! r0 n' oReduced distributions by 20%; capex also cut
/ J% j7 p0 s9 q% L+ a& ^RBC Capital Markets continues "outperform", 12-month target price is $19.00
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8 a5 b k$ k: ^( d8 NAndean Resources (AND : TSX : $0.75)
& z/ _$ `* }. b l9 l0 _Announced F09 outlook Q \0 e Q& G6 a3 e* {, Y+ g0 T
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
, y0 w4 T- g8 T9 I MTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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6 V' H1 B; L) @6 nBombardier Inc. (BBD.B : TSX : $4.65)
) S# P* @+ L3 b+ K6 `; T/ mRising challenges in Aerospace
* P4 y) ]& K$ j$ NGMP Securities continues "buy", 12-month target price is $8.00
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6 r X' ]2 f- I& G6 { }7 Y* FBank of Montreal (BMO : TSX : $31.84), }' M! R* R0 @, i
Acquiring AIG's Canadian life insurance business8 f9 x1 m/ }) E9 \7 g
TD Newcrest continues "hold", 12-month target price is $37.00" c5 t; `( g" N- L, [# x
8 j& F9 Y9 s ?7 L! ?0 }Cogeco Cable (CCA : TSX : $33.37)
( S/ ?9 p* E* i0 `Q1 review: Canada results encouraging, but Portugal remains a drag
/ v- G8 V8 a7 O3 w+ i. B$ sBMO Capital Markets maintains "outperform", 12-month target price is $46.00
. D& Z$ _; q- L+ \Desjardins Securities continues "top pick", 12-month target price is $40.00
$ A, l# A( g& K8 ARBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
" M1 e8 ]' g5 J4 }5 cScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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) J1 B) t. T+ A; W* B9 g! ACorridor Resources (CDH : TSX : $2.45)
) i& [( s& C, [' F* l- z, i5 ^ iCapital budget set to expected cash flow; production guidance lowered2 I- J+ v' c+ ? O- f0 y6 Y: |3 @
RBC Capital Markets maintains "outperform", 12-month target price is $4.25" ]2 i" `" @: v0 I0 d; J4 Y
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COGECO Inc. (CGO : TSX : $25.14). j* \# i/ [$ _4 A5 V& `/ ^0 {
Strong radio and cable drives 39% EPS growth& v7 C* ~8 |/ K; f& a, d
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)+ D0 \( w) P+ W r, ~
Taking action to address tough operating environment. O2 a( s9 l2 ] O0 u( K) G
BMO Capital Markets maintains "underperform", no target price reported
9 {: [+ g [# x- z) A0 t' ?; `5 wCredit Suisse maintains "neutral", 12-month target price is $1.005 B/ X0 q* j* ^% ^5 D( h
GMP Securities continues "reduce", 12-month target price is $0.50" a( R, e4 w5 W6 W
RBC Capital Markets continues "underperform", 12-month target price is $0.759 ^& t+ S9 `- L- w
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
" ~1 p" ~ o9 QQ1 revenues in line, EPS beat
+ p; } p+ L5 D1 m4 k: O! d$ vBMO Capital Markets continues "market perform", 12-month target price is cut to $15.007 K6 }( ?3 @9 L! O
Credit Suisse continues "outperform", 12-month target price is $20.004 a* r E Z6 h1 o0 ^
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
5 _! X7 {# A5 g" }, \+ B4 GGMP Securities maintains "buy", 12-month target price is reduced to $17.00
0 u# t0 w% D# |- V- H! [# ORBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50, t. i4 B) w- D8 w( b
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.001 E- e$ N8 x/ l0 v A4 u: R
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Calloway REIT (CWT.UN : TSX : $11.84): K8 a! i9 E) ^- R% H' I) Q% \
Held investor day
. x- }% h$ j; J9 ?+ L" I4 fScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00 R6 r- t, [: a7 R( G% g* E
5 F. r! h, K2 e6 \; b* W; _- _Daylight Resources Trust (DAY.UN : TSX : $7.77)
1 j0 G$ c! C9 d8 A# z, ]Reduced distributions by 38%; guided for lower capex
4 c7 {. t" H/ @2 y0 tBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
. P& C ?- }7 r5 I6 O! ^Dundee Capital Markets continues "buy", 12-month target price is $12.00/ T, I' ?6 h ^( Q/ D
TD Newcrest continues "hold", 12-month target price is $7.50; }' G' }# y% f1 _
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
6 W2 Z7 M1 r6 |$ u+ s/ r- c: e# I* cSteady market and currency tailwind
" f8 R7 \1 |$ f$ k# V7 b8 ~' S" OTD Newcrest maintains "buy", 12-month target price is US$5.00
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$ T+ k5 J2 V/ X, y! Z' W8 gGoldcorp Inc. (G : TSX : $29.74)- L1 a c/ a2 q3 F* {
Revised commodity forecasts
- w1 N; {- k7 o8 j2 N8 _Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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. i, O4 g8 d7 s/ `" m% N. r% }/ L( qHeritage Oil (HOC : TSX : $3.77)0 e) C8 c$ j% ^8 s" |0 k- b0 `5 Y
Announced Ugandan commerciality on exploration success) x+ i3 r* i' ^! h$ m; |
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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! L1 r. V4 a2 G: r4 k1 X0 FHarry Winston Diamond (HW : TSX : $4.98)
* i' T1 P; e! I3 }0 @6 zRetail division suffers
& Q M; h. g6 Y, E& c2 \Desjardins Securities maintains "buy", 12-month target price is $12.606 q8 p" ^& a# r, G8 I) ]7 v0 S; R
, c& i% R0 N5 O. TLaramide Resources (LAM : TSX : $1.84)# X# {2 ^$ ?4 q
Westmoreland provided more high grade at Redtree's Jack Lens
: j6 [' V. ?4 j' I+ c0 sDundee Capital Markets continues "buy", 12-month target price is $2.30
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8 u) t$ z, B+ n6 d* T# F) F/ Q& ^Lockerbie & Hole (LH : TSX : $6.00)
8 j/ P% D, B$ D; k; w7 Z* y% P& DReleased Q3/09 results: very strong, focus should be on active backlog$ M2 j$ l, U: D# A% I0 m8 ?( A( _8 E
GMP Securities continues "buy", 12-month target price is $9.00" c9 i4 o1 d8 R% j3 U5 G3 p6 U
Raymond James maintains "market perform", 6-12 month target price is $8.25
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0 M* E7 Z( o" t; _Livingston Intl Income Fund (LIV.UN : TSX : $6.00)1 ?0 T3 N* W3 G& @1 Y4 ~
Reduced distributions by 70%8 q% w/ c, ~: Q! k; H! z6 R, v
RBC Capital Markets maintains "outperform", no target price reported: U) g: P% u# V! w, E
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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( m* |( {% O1 h2 U3 B tMatrikon Inc. (MTK : TSX : $2.04) _ _# n, C+ h& Q" S+ ^, n5 n
Released Q1/09 results: a little light, but still respectable2 s, x( E. v# s8 ^% G4 ?" g+ g
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
7 z5 \* M5 n- z/ z6 c9 S$ FParadigm Capital maintains "buy", 12-month target price is $4.00& T+ }7 S; n% \6 q) D. N3 z3 @
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Mullen Group Income Fund (MTL.UN : TSX : $10.97): a- N/ p9 Z# } g2 I1 u- T( q
Expecting lower CFPU on higher taxes
5 I B i0 s f; M* m. S- P8 }BMO Capital Markets continues "outperform", 12-month target price is $18.00
/ ^. T+ l! I, \! Z1 h; ]! tRBC Capital Markets continues "sector perform", 12-month target price is $12.00' `* t7 U2 d/ r* z- X9 f, c
TD 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)
0 y1 ?' a3 Q" ~Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
8 F' N1 C, Q( T! ?5 F8 K8 OBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
! d2 y! q4 H/ v q/ n! R5 @& T6 C8 @Credit Suisse maintains "neutral", 12-month target price is US$1.00. T( o7 `8 x% w3 t7 ]( j5 \ H
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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! v$ }: d- g8 h8 `9 \9 i- V$ ]Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
" @1 I; Z h2 EDietary supplement business facing headwinds
; |2 Y7 |5 r8 N( b+ k/ kParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)" K2 r. s" r4 P! _* S# s$ h
Provided operational update and F09 guidance
5 s4 |1 q ?) s1 Z) KHaywood Securities continues "sector outperform", 12-month target price is $3.25* {! l! P3 Z$ A
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Osisko Mining (OSK : TSX : $3.13)
/ ?3 Y/ S% L8 lSouth Barnat resource around the corner
9 L7 [# f" Z0 n7 dParadigm Capital continues "speculative buy", 12-month target price is $4.754 e" j9 e5 f6 A
# c/ v+ Z8 k+ o2 O# x! D1 bPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75). Q: ]& l3 p0 ]6 p) E/ C5 d0 o# x
Provided operational update/ g8 z) F/ A3 ~ D+ R, \ T: T
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
+ k& N/ ]* ` G: D: G& D0 ^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)! ~, b2 Z" ]0 O
Provided operational update: Grande Prairie emerging as the key focus for F09" i+ o* U1 z! v/ A' i# u: Q
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)# n" H3 t" C1 b; T- a# C8 Z
Operations starting to turn the corner
# R5 n+ m, F2 S3 q, bRBC Capital Markets maintains "outperform", no target price reported" t' R. H$ _+ G- Z M U
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Shaw Communications (SJR.B : TSX : $20.13)
: P$ @+ O( Q, E. l2 BReleased Q1/09 results: in line, subscribers ahead2 F7 U# T8 ~ n* m3 q
Credit Suisse maintains "neutral", 12-month target price is $25.50
8 ~% J: a4 Z: \$ U6 T' nGMP Securities continues "buy", 12-month target price is $26.50
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" V# P" e4 w @) q) I8 U% HSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)" j$ ?4 L6 j3 N
Held a sell-side lunch showcasing new U.S. team
; ~8 w. r3 x" ?5 d: tScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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, n; ?$ T3 |1 e! h$ fTrican Well Service (TCW : TSX : $6.93)
8 V9 O- i7 ^6 L% t! \" {Awarded Russian contracts, v% M3 ~' }6 S% S
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
' Z- F/ ~* P* B: C, SRaymond James maintains "market perform", 6-12 month target price is lowered to $9.003 P' h9 B4 e2 N' C
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
5 m& {- p; x+ o+ g& G/ `Chinese furniture exports rose in November
4 R! K2 o( g R' v& I+ ~% ]Dundee Capital Markets maintains "buy", 12-month target price is $23.507 [) Z7 F: t) Q+ i b# B/ a- S0 p# f
1 N" J2 l ~# T3 I! Y& L2 PUEX Corp. (UEX : TSX : $0.88)
& v# Q7 T5 |* ~; RShea Creek's two largest deposits have become one3 c: Z e, \4 O8 c. }
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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- c! a0 `) C1 ~2 k' L- Z7 pVero Energy (VRO : TSX : $4.72)
: K! I5 `: }; I9 n/ @9 E7 AReleased Q4/08 results: horizontal focus to continue in F09
0 d* f3 L8 l2 P/ N9 z* uDundee Capital Markets continues "buy", 12-month target price is $8.00
: r2 c% `. ? z4 S9 WGMP Securities continues "buy", 12-month target price is $7.500 x$ H; L" u( }5 V% {3 x9 T% ?8 P; A
Paradigm Capital continues "buy", 12-month target price is $12.00
6 k: W: p8 k' U* H, b( Y" H# h( ?RBC Capital Markets maintains "outperform", 12-month target price is $8.507 g( \3 I8 V3 s: B* h; r
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Wi-Lan Inc (WIN : TSX : $1.75); [2 k8 q6 W- n3 Y( X
Hit homerun with Samsung
6 \6 R, c4 B- y2 E( _( AParadigm Capital continues "buy", 12-month target price is $3.50 |
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