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Ear on the Street --- Jan. 16 2009
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$ l+ P: u0 u& e7 o. ^Absolute Software (ABT : TSX : $3.36); S2 C# L$ Y: Q, `7 e+ k
Bracing for a tough few quarters' U7 `& P% z1 }9 P
Canaccord Capital maintains "hold", 12-month target price is $4.50, b! ]1 S9 h" @ _
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
" Y0 }3 S' n+ u7 AGrowth outlook, challenging pipeline and high cost structure make future unclear% V4 \* p, M) D6 O. { A& ]
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00( e. X) ~- \0 x6 \% p* L( V
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.002 l3 o7 @5 V2 ~7 P
- A! m) K2 k: u: |. w( E$ S/ TAstral Media (ACM.A : TSX : $22.98)
7 [! |0 m! V6 ^5 TReleased Q1/09 results: strong, in light of challenging operating environment* W1 }1 N4 T i' ~ B
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00; d" V" U: M$ Y. R$ B% j+ H5 p7 E
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00; h+ U, X' M0 ?: m
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
1 G% d1 c* I* r9 t( z2 VRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
& l1 r" D& t: _9 b3 jScotia Capital Markets continues "sector outperform", 12-month target price is $30.00; w; _6 }0 c; J1 G+ A7 E% g" O
8 b; E8 f# Y1 Q XAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
8 H, N4 n) n) J1 `Well positioned with gold production forecast to double this year and next
" C" X: F6 W" {8 w# j1 I" l+ ABlackmont Capital continues "buy", 12-month target price is lowered to $83.00, t2 P1 n7 }6 a& F+ v/ U8 ]2 M1 a
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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+ V4 ^4 a! J b1 xARC Energy Trust (AET.UN : TSX : $17.15)0 [4 b/ K u7 e( i
Reduced distributions by 20%; capex also cut$ e5 z( P1 c* q+ l# L) z4 w1 H
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)- J) `# f5 R! } b: U
Announced F09 outlook2 W+ G3 a" j: J" c7 F0 e7 U* G4 h
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
6 i' X$ _$ g6 J7 v, |% B! PTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00, a) B% u6 ~! V/ ?9 U
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Bombardier Inc. (BBD.B : TSX : $4.65)
' t* {+ T- Z! L# s- ]5 c5 IRising challenges in Aerospace
) b' _# A: P e I U+ L' s4 vGMP Securities continues "buy", 12-month target price is $8.00 j/ j9 q) M. r; L% s, Q( r
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Bank of Montreal (BMO : TSX : $31.84)
4 A: w( ^( ], A5 x6 ~$ E P6 i, L+ QAcquiring AIG's Canadian life insurance business+ M# [3 B) E! D% G
TD Newcrest continues "hold", 12-month target price is $37.00
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6 `* t; Z! ~) k9 fCogeco Cable (CCA : TSX : $33.37)1 s& l/ d$ W3 z! c
Q1 review: Canada results encouraging, but Portugal remains a drag
7 R' ?2 D: K' P# z; mBMO Capital Markets maintains "outperform", 12-month target price is $46.00
' c* Y; i! U# F' [ a6 b/ KDesjardins Securities continues "top pick", 12-month target price is $40.00$ k3 d* |7 z, r. V# c6 t* `
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00; m: \7 P0 S3 q* `
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
! F& p9 f2 J: }( iCapital budget set to expected cash flow; production guidance lowered
9 w# y: r5 ] l, d: cRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)8 o. F+ P8 x7 Q: \, G1 P
Strong radio and cable drives 39% EPS growth
! x9 |' Y- ?2 n3 s" G. c! gScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
! W3 P# a6 t6 f. o+ Z' uTaking action to address tough operating environment7 {! K- T# ]4 D8 O: z1 u
BMO Capital Markets maintains "underperform", no target price reported
& `0 \2 _ {# b8 qCredit Suisse maintains "neutral", 12-month target price is $1.00
* ], E, Y5 c6 `: V, F( UGMP Securities continues "reduce", 12-month target price is $0.50( z9 L6 M/ R' A! |; |( V
RBC Capital Markets continues "underperform", 12-month target price is $0.75
# T8 k3 V5 d; k; C( V- K- {/ [" KScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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+ u2 [1 r- S9 g9 ECorus Entertainment (CJR.B : TSX : $12.47)1 w+ k0 S; H! W6 O/ @$ h
Q1 revenues in line, EPS beat- V* p1 [4 [; n4 N) {+ h3 l
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
& T' k1 Y: I" t( s ?! y7 A. kCredit Suisse continues "outperform", 12-month target price is $20.00
+ {8 q9 H7 f) `3 P+ t* RDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00) h& p- z9 }3 [4 N7 w8 @/ A8 f
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
" M* b e4 b% R7 \, v& s. k$ [RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
7 y; f4 U' b, C5 Z1 c6 F4 O2 u# U3 tScotia Capital Markets continues "sector outperform", 12-month target price is $18.00/ W ]* A Z, `6 ]& C
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Calloway REIT (CWT.UN : TSX : $11.84)/ p Z! q4 i* v1 F" `
Held investor day
0 O2 y- L9 j m5 QScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00 `# C0 n; \; h2 o0 Y! F3 V
w" [4 A) L( h$ p- m, S) {Daylight Resources Trust (DAY.UN : TSX : $7.77)
; v2 Y8 m$ |1 c- }) VReduced distributions by 38%; guided for lower capex. T& C3 }5 l' s- |* T* e
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.005 W: h6 x0 ~( Z, |4 ~& X
Dundee Capital Markets continues "buy", 12-month target price is $12.00
2 Q! z4 q/ L+ l/ m# ATD Newcrest continues "hold", 12-month target price is $7.50
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- ?9 x2 v/ I4 V4 P. w! @EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)/ v5 J+ M; T5 _" p1 R
Steady market and currency tailwind: G2 _) k4 S2 m9 x
TD Newcrest maintains "buy", 12-month target price is US$5.003 P7 c1 P n% X6 E1 Y
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Goldcorp Inc. (G : TSX : $29.74)
! C% c' h3 a6 s8 BRevised commodity forecasts! b$ Q/ K2 Z; X4 ]- ]8 N }/ [. r
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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) I( m/ H( Y3 {- vHeritage Oil (HOC : TSX : $3.77)
- B8 G2 d$ f/ ], D. u; l6 b8 w0 hAnnounced Ugandan commerciality on exploration success3 z: b1 `3 X8 @5 z$ c: ~3 m& y" k; ~
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
* w( g& L W1 u& VRetail division suffers+ V; a+ a1 L2 R8 x' n* r$ Z
Desjardins Securities maintains "buy", 12-month target price is $12.60
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& S; {/ m: `$ A1 c$ _2 w- SLaramide Resources (LAM : TSX : $1.84)
* z9 Q. C* o! ^# s! [. g, uWestmoreland provided more high grade at Redtree's Jack Lens
: I0 O( R5 N" Y( K) n) }Dundee Capital Markets continues "buy", 12-month target price is $2.30& K" t, }5 t4 ~$ X, q' Z
5 Y# E# w1 K; X( z0 N3 z* ?Lockerbie & Hole (LH : TSX : $6.00)
6 G% u: s' W7 x" N* RReleased Q3/09 results: very strong, focus should be on active backlog& M" {& r+ _3 P0 T
GMP Securities continues "buy", 12-month target price is $9.00
' N4 _3 F- K: P. iRaymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00) ^4 ^) n/ M) m1 k9 g2 S- ~
Reduced distributions by 70%0 ^1 u% P* ?, i: V9 B
RBC Capital Markets maintains "outperform", no target price reported% D' x! d& ]. i8 \
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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4 I# q8 Y1 E$ v/ J$ v" CMatrikon Inc. (MTK : TSX : $2.04)" }2 Z* T% a: F2 z8 _- J. B& N
Released Q1/09 results: a little light, but still respectable
/ l: C& O. ^ |BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
) |* t% m& [( D8 h% ~% X& L$ s$ q eParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
3 U2 a ?6 I; L/ _& |; lExpecting lower CFPU on higher taxes% A+ S5 U5 |; E* _
BMO Capital Markets continues "outperform", 12-month target price is $18.00
! b$ \" Z9 f0 y/ b% J% _RBC Capital Markets continues "sector perform", 12-month target price is $12.00$ ~, h3 \" F7 t* y$ B( R7 J
TD Newcrest continues "buy", 12-month target price is $17.00
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: ~3 F- e2 L( L ] v' A* ~Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
2 A7 S% e% [' ^/ L: H6 s. L: f: Z8 \Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain, p2 n, V* `- A! f0 }
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
# E. P) c9 [: H9 T* ACredit Suisse maintains "neutral", 12-month target price is US$1.00
% d& `# Y9 y- k# `Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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& y0 v d- g$ A$ I yNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
) a% g! \/ M( Q& uDietary supplement business facing headwinds
/ u' Y/ U# @( S: i5 ]8 EParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
; c4 I" w4 X# U+ e3 H3 r8 nProvided operational update and F09 guidance
; k+ K( `+ z. z1 yHaywood Securities continues "sector outperform", 12-month target price is $3.25
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4 y1 ^ I- f% v" F) yOsisko Mining (OSK : TSX : $3.13)
1 W$ H: w' @- u5 z4 HSouth Barnat resource around the corner6 c9 ?" R2 @: Q2 n5 b
Paradigm Capital continues "speculative buy", 12-month target price is $4.759 R, e7 {: E+ T
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
3 B9 X' l, r1 c) J0 p( oProvided operational update
' P' R" v6 G1 l; cBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00/ c* `5 `6 H- g
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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3 B$ r" K* t0 m% f2 R4 CParamount Resources (POU : TSX : $7.85)
0 N9 Q0 J1 F8 _1 B5 m$ CProvided operational update: Grande Prairie emerging as the key focus for F09* D2 i2 c* m* s) r
GMP Securities maintains "buy", 12-month target price is $12.00# N; A- n$ w, ` B7 x5 F! w. g
: {! C ~3 ?4 W1 |% H" H# r1 `4 I" QRockwell Diamonds (RDI : TSX : $0.07)
( \7 I# n. c( N6 Y7 d) [Operations starting to turn the corner l0 ~2 ^, u5 x& m+ \& Q. q$ \+ o& _
RBC Capital Markets maintains "outperform", no target price reported: g/ l' z7 p' u- |8 P# G6 O3 m7 S
+ y; E2 G4 O5 X% n, _Shaw Communications (SJR.B : TSX : $20.13)
5 e! C% p& t' \Released Q1/09 results: in line, subscribers ahead( a+ S6 S& Y ?0 {& H/ T3 R
Credit Suisse maintains "neutral", 12-month target price is $25.50
! S; c# [# ]( X# K2 g4 xGMP Securities continues "buy", 12-month target price is $26.50: Y+ Z5 g% I/ Z0 u# K M: s& d# S
( |* I! y1 f6 u9 }Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
2 J: ?+ g) v+ z' fHeld a sell-side lunch showcasing new U.S. team0 S( V8 G& m% I. n
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.009 q" K/ ^- L" R6 n' t. E3 V
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Trican Well Service (TCW : TSX : $6.93)1 h2 I& J# s1 A, D
Awarded Russian contracts- e. Q }; T* h7 H+ D6 T# Q: i
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75. I3 Y) x+ e& Y4 N; C Y
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00$ ?( {( B/ x2 t- h& u! n
RBC Capital Markets maintains "sector perform", 12-month target price is $10.003 ]2 q8 T4 B7 a: g m! K1 W
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Sino-Forest Corp. (TRE : TSX : $8.93)1 c( n( @1 J l8 |$ }
Chinese furniture exports rose in November7 H2 O! U/ {1 R& q$ t
Dundee Capital Markets maintains "buy", 12-month target price is $23.50) c) U& }# J$ \& l
/ \& ^4 E; b2 E3 {UEX Corp. (UEX : TSX : $0.88)- k' N' C: r) _$ ^& y
Shea Creek's two largest deposits have become one
- [& a+ g& h5 r* p" JDundee Capital Markets maintains "buy", 12-month target price is $2.75
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/ y3 m3 ^% A8 q6 C0 dVero Energy (VRO : TSX : $4.72)# [6 N7 M# M0 Q! s+ J; f0 H
Released Q4/08 results: horizontal focus to continue in F09
' I1 D; A/ ]2 R; K; i2 `Dundee Capital Markets continues "buy", 12-month target price is $8.004 c* z& \9 P7 d7 b8 U
GMP Securities continues "buy", 12-month target price is $7.50* X/ M, ]( q) J2 p) b
Paradigm Capital continues "buy", 12-month target price is $12.00
% j6 ^+ ?' t6 h* s. NRBC Capital Markets maintains "outperform", 12-month target price is $8.506 P( k# D- S/ l! \$ v
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Wi-Lan Inc (WIN : TSX : $1.75)
' j* i$ y5 S% ]4 W d) H2 R: XHit homerun with Samsung8 f4 R/ J4 }# M; G9 j
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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