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Ear on the Street --- Jan. 16 2009- O% ^+ t# S1 |- a& v$ Y9 ^0 w8 K
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Absolute Software (ABT : TSX : $3.36)# S. E% h% F& l0 t9 a
Bracing for a tough few quarters
u$ g6 [6 N. [) ^" v1 @0 }Canaccord Capital maintains "hold", 12-month target price is $4.504 I1 {' D2 ~& k7 o) P& B! C
% o8 W- U! R. D* g$ o y8 }" C! y& |Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)" T% i1 K* [( S$ p; P
Growth outlook, challenging pipeline and high cost structure make future unclear( @! ?' v2 ` Y( |7 P6 y
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
! F$ r! n' R$ w% ^) H" BTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.008 d6 O4 q2 {7 s% b; e3 ~
* I( m7 [5 c% E" T0 ^Astral Media (ACM.A : TSX : $22.98)7 t T* S ~6 T+ J# i4 ^2 E; Y+ y
Released Q1/09 results: strong, in light of challenging operating environment
8 z0 g$ R4 g4 ~BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
) y2 L5 x$ _6 p, n& U7 W1 KDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00" N' D3 r5 B) J7 l
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
+ }/ k# O G9 N8 ^RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
7 |9 W5 y+ B0 t' Q) a GScotia Capital Markets continues "sector outperform", 12-month target price is $30.008 f# u, Q0 s8 \& ]% P
! d. |) q4 O: [$ P) ^, o3 RAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)& T# k; }. ~: O% U' h+ ^
Well positioned with gold production forecast to double this year and next% U1 O" k# E! d# p: m, m
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
1 I* o' g4 S* s7 G2 b% oTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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1 t. g( Y; W' H5 A- y. E- P+ SARC Energy Trust (AET.UN : TSX : $17.15)4 Z. @ p; S% H1 N& X! H9 j0 [# j2 `
Reduced distributions by 20%; capex also cut; _. {' e7 z2 c+ t. P
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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) y8 ] T# O% f9 vAndean Resources (AND : TSX : $0.75)3 Q2 d$ y) q# ]! e5 `, i
Announced F09 outlook/ l7 v/ r5 f, f
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
/ b T2 A0 A9 kTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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e# P. f1 H1 J8 iBombardier Inc. (BBD.B : TSX : $4.65)
0 A, F8 l) x& h' H- M) ]( CRising challenges in Aerospace- `8 p* d! T x; I4 C3 Z' s
GMP Securities continues "buy", 12-month target price is $8.000 x& a/ D; o# C% ]$ H/ e! M
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Bank of Montreal (BMO : TSX : $31.84)
: S# y4 D4 ?3 R! y9 b" [- }Acquiring AIG's Canadian life insurance business
( m; t# t3 ^; Z5 n( L, rTD Newcrest continues "hold", 12-month target price is $37.00, H" O/ c4 M( `3 B& C" P5 Z
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Cogeco Cable (CCA : TSX : $33.37), X6 w* g' z; s I' k. f
Q1 review: Canada results encouraging, but Portugal remains a drag% Z' _" j" y! T' F4 I/ C2 i% R
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
8 l- M9 i4 M3 `& H9 m$ oDesjardins Securities continues "top pick", 12-month target price is $40.009 z6 @! D" Y4 o
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
9 R: j! v4 D* O/ X" B& i( |Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00) \, O5 {1 v( V e' x
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Corridor Resources (CDH : TSX : $2.45)
# g8 O& u) T9 ^. a/ dCapital budget set to expected cash flow; production guidance lowered- B, K. `0 F3 P- V
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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# Y4 r2 M( h# v3 ?COGECO Inc. (CGO : TSX : $25.14)0 F, f5 E( l d* m
Strong radio and cable drives 39% EPS growth7 @$ `+ t6 }7 w9 Y7 Q- H
Scotia Capital Markets continues "sector perform", 12-month target price is $45.006 [. X% W) V" ^
3 Q1 B: }6 v& o8 M% ^& |1 [CanWest Global Communications (CGS : TSX : $0.51)
( d' j6 L; N# k4 ^( D4 [* fTaking action to address tough operating environment
$ c/ e: C7 Y# UBMO Capital Markets maintains "underperform", no target price reported( A; |8 H8 w, f/ r, e9 H
Credit Suisse maintains "neutral", 12-month target price is $1.00! Q& K1 W% G, V
GMP Securities continues "reduce", 12-month target price is $0.50- e3 |6 ?5 S4 Y
RBC Capital Markets continues "underperform", 12-month target price is $0.75
8 |6 Z9 ~, w' y; {Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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. X# m, J' S0 v# u# jCorus Entertainment (CJR.B : TSX : $12.47)
$ i# `+ j1 @) |+ j4 @Q1 revenues in line, EPS beat
" v& L$ t5 w4 P7 E- e7 j6 zBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00 G, u2 X3 ]8 ?6 u
Credit Suisse continues "outperform", 12-month target price is $20.00' g# O& M7 [1 O: v$ o9 m) w
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.009 ]2 Z3 W6 O- q- C$ k" F
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
* m# z* V0 b2 G3 |4 ]; q) oRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
9 m2 M2 j3 L F( vScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
- g$ F8 @; j" N9 o# q- u' u; nHeld investor day1 N+ {/ n, v8 C5 I2 h6 W* o- o& [
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00& E) k5 ?$ _ V
# F$ |3 ` P! A6 h8 ?Daylight Resources Trust (DAY.UN : TSX : $7.77)
" p$ I! _& {# g; ]Reduced distributions by 38%; guided for lower capex
; C5 Z' N) K. l+ Y( k2 @BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00/ |2 B9 f% \" ]) A: U- y% k
Dundee Capital Markets continues "buy", 12-month target price is $12.00
( Z3 I, ^- }% d2 HTD Newcrest continues "hold", 12-month target price is $7.507 j/ t1 Y/ h. e- o. o
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
: @8 f& q4 q1 Q( O- m {6 z' ^Steady market and currency tailwind+ B2 N% p' {7 C$ |
TD Newcrest maintains "buy", 12-month target price is US$5.00( \3 t0 b7 A$ T9 U5 }
# \$ ^0 B2 D" e9 X, g( l0 B$ O9 fGoldcorp Inc. (G : TSX : $29.74)+ [* D" z1 B$ o' i4 }
Revised commodity forecasts
- F9 P( c" [4 u. H3 K" M# Z7 YBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)) s% U% X* K0 ~4 b
Announced Ugandan commerciality on exploration success& k' L, P/ m8 x. w$ n- d
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)
9 q- Y8 N- j) @, l# [Retail division suffers3 I1 D( R7 _& X, M8 X
Desjardins Securities maintains "buy", 12-month target price is $12.60
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% C5 W8 G* h x* J) wLaramide Resources (LAM : TSX : $1.84)
3 |5 S9 I1 Z1 [2 `; vWestmoreland provided more high grade at Redtree's Jack Lens1 x* v% _6 {' V
Dundee Capital Markets continues "buy", 12-month target price is $2.30" S2 G0 j$ B% f: D
4 K2 x" l. j/ U% z0 e/ M0 i3 B& M. u; k6 iLockerbie & Hole (LH : TSX : $6.00)
. o$ k3 J( z) P* F+ w- O3 vReleased Q3/09 results: very strong, focus should be on active backlog) W3 T: P1 Y+ K% b* O+ ~
GMP Securities continues "buy", 12-month target price is $9.00- i0 v* y: L8 z1 b5 z$ {9 | z& J
Raymond James maintains "market perform", 6-12 month target price is $8.25
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# d( F" S0 U2 Z- Q4 Y2 N) {1 ELivingston Intl Income Fund (LIV.UN : TSX : $6.00)% O/ b+ f- ]8 }, C4 S
Reduced distributions by 70%/ b- `! I0 B9 n4 l' V
RBC Capital Markets maintains "outperform", no target price reported. m: x5 X: ?4 [5 [4 |4 V
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50' E7 Z" ^* ^4 d. ? s( p5 c
. g0 s. r$ o7 W9 E! JMatrikon Inc. (MTK : TSX : $2.04)
# x# X3 w2 J) {! z; O PReleased Q1/09 results: a little light, but still respectable5 [ \. d. O$ X% H; z. v6 Q
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50- U( P0 u1 m; j* N$ G
Paradigm Capital maintains "buy", 12-month target price is $4.00+ [! c9 @8 [ @7 s9 @( g
: W- h, `5 S" \. V9 \) ?Mullen Group Income Fund (MTL.UN : TSX : $10.97)
9 f o) D7 `3 d, y2 g3 q9 ~Expecting lower CFPU on higher taxes* K! S. i% p& S$ U9 r4 I
BMO Capital Markets continues "outperform", 12-month target price is $18.000 I% n+ u! e* U; \
RBC Capital Markets continues "sector perform", 12-month target price is $12.006 Z' Q Q1 r! X4 p3 D: | ^& q
TD Newcrest continues "buy", 12-month target price is $17.00
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5 d) g6 L* ] Q+ I3 O+ a+ k3 @- kNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
4 R+ Z$ Z9 L1 j5 t1 P+ UReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
! P3 ?/ t. a* s; E% |0 QBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
k- b' F1 ^. E8 eCredit Suisse maintains "neutral", 12-month target price is US$1.00
& V0 l! y% H0 ?+ EScotia Capital Markets continues "sector underperform", 12-month target price is US$0.805 Y6 r0 s. S/ ], D
7 z2 r" F2 e3 C: l4 F, \Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
0 H% K5 k B% h7 [Dietary supplement business facing headwinds
( ~% \) v8 J |- e k H: ]0 [6 pParadigm Capital maintains "buy", 12-month target price is reduced to $4.00 O+ A! p8 {( @& u( v
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Open Range Energy (ONR : TSX : $1.18)- ?) h2 ~. j1 b! y' o0 k
Provided operational update and F09 guidance
7 z- ]9 W" f' T) Q2 lHaywood Securities continues "sector outperform", 12-month target price is $3.25. b, p+ c$ r" ?# S
7 ?$ t y% P4 g& J7 `. zOsisko Mining (OSK : TSX : $3.13)
& {8 N; \( G: o- USouth Barnat resource around the corner2 I# G0 y' c* m0 S% ?- {. E& f
Paradigm Capital continues "speculative buy", 12-month target price is $4.75$ E9 ?" H1 R4 V8 f
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)) P" u8 t3 \) f/ [1 }, z* ]% E q) j
Provided operational update
: n1 v* b" r6 T; Y/ |, {+ I5 W0 xBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00& w& w0 F( q1 }4 h
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.502 }, t" [' ^6 A" v9 o6 X; F
6 I8 g7 H3 d3 fParamount Resources (POU : TSX : $7.85)) I3 ~2 c" j9 O+ M7 k5 E! _
Provided operational update: Grande Prairie emerging as the key focus for F09
1 ?5 c2 ^# |, }. ?. s' fGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)* m/ ]& i( `, d% \+ }$ ^
Operations starting to turn the corner# s! X) g% \+ a2 ^
RBC Capital Markets maintains "outperform", no target price reported
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7 f3 D& [- T* U6 }" q. v& B* \Shaw Communications (SJR.B : TSX : $20.13)7 b- g# O; G1 @% l5 I; I% w: M: d" j: M
Released Q1/09 results: in line, subscribers ahead6 v3 w) U3 r! H& c1 c
Credit Suisse maintains "neutral", 12-month target price is $25.50
( U" `' {) W, I% oGMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
4 W$ W% T1 a, Y" a1 p' FHeld a sell-side lunch showcasing new U.S. team* b! o3 E9 \8 T( A' M" m: p% U
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)9 z1 Q6 Y! b1 l* E! R
Awarded Russian contracts: h% l# ?7 i" f) w1 F
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
5 D. ]5 g3 b" X' ]' N- z9 z" [Raymond James maintains "market perform", 6-12 month target price is lowered to $9.005 e0 t/ O7 k# x6 ^, I4 G ~! e
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 F/ M+ a/ e8 f0 X3 {Chinese furniture exports rose in November1 A2 \3 s+ `' t. {: ^8 Z
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
2 Y0 v% D9 p+ mShea Creek's two largest deposits have become one/ k0 P0 m* K6 o9 u) p' j% j7 F
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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0 R% N( a. B+ w+ J( i. e, mVero Energy (VRO : TSX : $4.72)
( [9 _' J% W4 n7 h( ?Released Q4/08 results: horizontal focus to continue in F09
3 t$ }) _: ]9 h9 R# C5 iDundee Capital Markets continues "buy", 12-month target price is $8.00
! b$ V. s( m# bGMP Securities continues "buy", 12-month target price is $7.50, m3 w, [1 y; K- I: I) }6 v9 Q
Paradigm Capital continues "buy", 12-month target price is $12.006 Y. U9 l# ?+ w- h0 Y& b" Y. K
RBC Capital Markets maintains "outperform", 12-month target price is $8.505 o( G) s% {$ v" s6 l
. |" _+ W+ U* [' m% AWi-Lan Inc (WIN : TSX : $1.75)" u& c# }$ `, D
Hit homerun with Samsung+ z* {/ P1 A& x8 X& C; D
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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