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Ear on the Street --- Jan. 16 2009
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4 G: M( E6 J' @8 [3 f8 ^* vAbsolute Software (ABT : TSX : $3.36)7 R: d" }, V- t4 s- l+ Y2 F; @
Bracing for a tough few quarters
( i s8 v8 ~" {9 \Canaccord Capital maintains "hold", 12-month target price is $4.503 I+ H) p1 F" v U2 x0 U
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
( T. A: F7 N+ Z3 L5 R: o$ x; ]Growth outlook, challenging pipeline and high cost structure make future unclear
/ I- g; ~2 L) z8 a0 ^Blackmont Capital continues "hold", 12-month target price is lowered to $48.00: X* w/ U3 z' M; V
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.009 x% \, a; d8 b, q
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Astral Media (ACM.A : TSX : $22.98)
$ |6 x# ]3 V8 n3 i+ J$ g" O! YReleased Q1/09 results: strong, in light of challenging operating environment0 X9 k) a N" [) l
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.002 g4 l, Z. D5 M3 t; q. X
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.009 J% k/ f2 k+ J
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
0 w# ]: }% X; cRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
' i0 ]- X9 h1 n9 iScotia Capital Markets continues "sector outperform", 12-month target price is $30.00$ z& C( r- R' x( H* I- v
/ g! v( P& k T4 D: [, n) s: t6 F" nAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)7 H' T t( n) g6 |& F
Well positioned with gold production forecast to double this year and next; ~/ K! J$ F6 g
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
+ E# j% K m# PTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00; d9 w6 A9 }+ H8 y0 k% g4 R% K7 x
: s5 d5 \" v0 MARC Energy Trust (AET.UN : TSX : $17.15)' j' O) H2 I8 N2 ~/ n7 P: N
Reduced distributions by 20%; capex also cut8 E1 L3 V$ h! ^
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)/ |$ M( F( `( N& }7 j: X( D: o2 [
Announced F09 outlook+ F) U: }, Z4 J5 T: Q2 G
Paradigm Capital continues "speculative buy", 12-month target price is $2.25* @3 ?# C* R- u& D( T* T
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.003 P- W; ]7 U C
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Bombardier Inc. (BBD.B : TSX : $4.65)' _$ U( j- w3 k7 `9 H' ^6 L
Rising challenges in Aerospace
6 R3 p+ L/ `# T, ^% sGMP Securities continues "buy", 12-month target price is $8.00, s \: g6 t) x- n0 T, K- w% g
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Bank of Montreal (BMO : TSX : $31.84)
! p$ @4 x( m1 E- l: g& O# VAcquiring AIG's Canadian life insurance business3 t; g" @5 R7 B& O- G
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)7 m" G! K, R$ n$ u- a7 {- _2 L% n8 r
Q1 review: Canada results encouraging, but Portugal remains a drag
/ t$ L' a( v% R2 S$ y, CBMO Capital Markets maintains "outperform", 12-month target price is $46.00
( A- X% U# V! }0 _- f ADesjardins Securities continues "top pick", 12-month target price is $40.00- ~" c$ k( X) \2 F! o1 f
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.008 s. D: g8 Q6 H0 {
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
' r% k; a9 T+ h; [7 |0 aCapital budget set to expected cash flow; production guidance lowered' ~# w) `/ q- ~( n+ s
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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( r: {( M ^8 q& l( \, {COGECO Inc. (CGO : TSX : $25.14)
0 q% k; V. P2 Y! Q( J: nStrong radio and cable drives 39% EPS growth/ \1 n* ]3 f6 L) b5 ]6 D2 \9 A4 {
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
9 A9 ^# Y. q, j. @ G9 Y$ g bTaking action to address tough operating environment
% m: s9 g1 N5 f* \% RBMO Capital Markets maintains "underperform", no target price reported
( O& q6 P% |' I- [) c' w' QCredit Suisse maintains "neutral", 12-month target price is $1.00. O/ ]' ]# e& }: P1 e0 \1 r
GMP Securities continues "reduce", 12-month target price is $0.50) y. I% _- e9 F! f2 O0 K; ~
RBC Capital Markets continues "underperform", 12-month target price is $0.75 G% }5 L! b/ ^1 N# j. j+ m
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47): ^9 U' V. W4 s1 ?
Q1 revenues in line, EPS beat
. ]) F4 Q9 W6 k1 V* }BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
4 e! ]; M& |5 n* f' p- R) hCredit Suisse continues "outperform", 12-month target price is $20.00, ^$ R0 d0 }0 {5 A, D& M. f* S
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00$ r7 |: E! b4 {* H* p5 ~3 b8 f% W
GMP Securities maintains "buy", 12-month target price is reduced to $17.008 J6 V5 A; }. r* K
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50, D- Y9 ^$ ]& ^/ t0 m
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00, F5 y6 h4 `5 x! U' I
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Calloway REIT (CWT.UN : TSX : $11.84)
3 o4 ^7 r5 L% V, Z6 `+ w; YHeld investor day# L& I$ B: \9 K' s( I1 l3 H
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00) ~* q6 [" O1 V1 }6 F6 q H
: H- t( ~' _0 c+ @- _Daylight Resources Trust (DAY.UN : TSX : $7.77)
. r; ?7 k2 w* z. jReduced distributions by 38%; guided for lower capex1 C7 R8 n5 N G2 v
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.001 p( O0 H, S( M7 [! L: H3 `
Dundee Capital Markets continues "buy", 12-month target price is $12.00
: q- @) {* T3 d5 `: a+ ?/ n: [TD Newcrest continues "hold", 12-month target price is $7.50# ~1 C8 K' O# Q9 j7 P% H1 ^
% ?7 K: C1 i/ Z+ U" N) \5 s. b GEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
$ G- q9 o, Q1 F! j" ESteady market and currency tailwind
/ r" L/ ^3 z/ s( yTD Newcrest maintains "buy", 12-month target price is US$5.007 M( j% H, Z$ M
3 e' W8 j# |$ e' ^Goldcorp Inc. (G : TSX : $29.74)5 o" x2 s6 i6 b) \/ c6 m
Revised commodity forecasts
M+ N- Y9 g1 wBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
' i. l9 w' B. u0 hAnnounced Ugandan commerciality on exploration success
& N& @ o7 k. u _TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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( A+ b& c" ^4 V' Y! @% t9 yHarry Winston Diamond (HW : TSX : $4.98)& @- M0 g+ C9 g) z( n
Retail division suffers$ z) `2 _/ v$ r$ [* Y1 G
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)0 _. Q5 C! A( ~
Westmoreland provided more high grade at Redtree's Jack Lens
2 E! c% f1 i! x5 eDundee Capital Markets continues "buy", 12-month target price is $2.30" R- |, z) d5 R& W9 Y' U) H# V0 Y
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Lockerbie & Hole (LH : TSX : $6.00) y/ ]1 W6 Q' k2 s F: r; u
Released Q3/09 results: very strong, focus should be on active backlog
4 m% d1 b# Q( j; i$ VGMP Securities continues "buy", 12-month target price is $9.00* c. _3 h/ M0 C
Raymond James maintains "market perform", 6-12 month target price is $8.25& x6 S" n4 H4 h- J
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)4 h/ ^8 Q. Q7 D" D# d$ j
Reduced distributions by 70%/ T1 L3 w! L3 B% q5 o/ K
RBC Capital Markets maintains "outperform", no target price reported2 c9 H9 I4 e8 j; l9 w
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50% b6 C" A9 A! H5 Z! x7 M
0 Z# o( ?3 j; q1 C3 vMatrikon Inc. (MTK : TSX : $2.04)/ K W( W5 G, E" J
Released Q1/09 results: a little light, but still respectable# R- c$ L5 O' o3 z3 s' }* W
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50) S3 r2 w$ ^" H, H5 a% D; d9 s
Paradigm Capital maintains "buy", 12-month target price is $4.001 b) o- P5 l) i8 _. b
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)! q, \5 A, S* ]0 M9 y. c! d
Expecting lower CFPU on higher taxes- f, f. J U; d- Q
BMO Capital Markets continues "outperform", 12-month target price is $18.00
% m6 X" `& k3 ~1 f: c) `RBC Capital Markets continues "sector perform", 12-month target price is $12.00$ a+ T; x/ m g x
TD Newcrest continues "buy", 12-month target price is $17.00
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4 ?# ~# V) {/ I2 _9 z& Z# cNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)0 ?! J' A8 g0 y' E3 ]( z: w
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain) S3 y3 N/ E4 o# R1 I/ u
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25/ G0 U" ^; I5 ^& p& a
Credit Suisse maintains "neutral", 12-month target price is US$1.00
( V& s$ X/ {6 K- {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)2 l3 z) [3 C* P1 c! z+ G
Dietary supplement business facing headwinds
* M+ \ [% F. `+ ]( QParadigm Capital maintains "buy", 12-month target price is reduced to $4.006 i# U7 S+ \6 U- F
+ P0 }, h, J; S* T5 l5 zOpen Range Energy (ONR : TSX : $1.18)
7 L( ]1 o3 [: S" \: ZProvided operational update and F09 guidance+ r1 {3 Z9 G" Z8 F3 }( b
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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6 x5 B+ C8 U3 y8 k& }, j: POsisko Mining (OSK : TSX : $3.13)# r' H: n# }1 i7 f5 E# o
South Barnat resource around the corner' Y2 K0 y) m% @ t- O
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)8 p/ C5 p9 b; h0 V P9 g: G
Provided operational update
! n9 p) x6 ?' p6 }4 \. q# cBlackmont Capital maintains "hold", 12-month target price is lowered to $19.004 V M* N; X4 J1 X% w- e! J1 L
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.503 m7 J7 |1 M! _" h- e: p2 X
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Paramount Resources (POU : TSX : $7.85) y, }" I1 z) z* |! E
Provided operational update: Grande Prairie emerging as the key focus for F09& `6 f+ ?5 c+ F6 c( R1 w+ V
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)1 G; T; L7 q2 ]: o
Operations starting to turn the corner2 {9 k1 R3 B5 [: w8 u2 ^% c# F! ?7 c
RBC Capital Markets maintains "outperform", no target price reported: g' O! K# ?, [
( T8 [, _. ~0 r" O: _! g+ d% ~Shaw Communications (SJR.B : TSX : $20.13)" k& R' \' v/ {# n
Released Q1/09 results: in line, subscribers ahead
* t+ b. f, T" v, aCredit Suisse maintains "neutral", 12-month target price is $25.50
1 v! r: \8 [' H+ q0 ~9 h4 _8 MGMP Securities continues "buy", 12-month target price is $26.500 v! g; f) p& p/ V
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
: S- [0 `1 c+ X& ]: r) XHeld a sell-side lunch showcasing new U.S. team
4 f1 K. A0 H; z7 K# r' o+ X6 JScotia Capital Markets maintains "sector perform", 12-month target price is $33.00% w1 {# t1 m' H& }$ |3 @
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Trican Well Service (TCW : TSX : $6.93)
1 q; [( S. ]9 l7 y1 nAwarded Russian contracts
& m1 y, |4 v3 P# \Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
! I4 G r( J, V0 w3 |( PRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
1 ~9 O& y( J, aRBC Capital Markets maintains "sector perform", 12-month target price is $10.00! K$ q( Y+ ~. D& K4 H% ?# P
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Sino-Forest Corp. (TRE : TSX : $8.93)
7 ^: R& U$ ? e3 H, `+ r, CChinese furniture exports rose in November
) a4 F9 o) b* s; Y) m DDundee Capital Markets maintains "buy", 12-month target price is $23.50" a* A6 a3 {% y7 P; n/ @6 F, Z2 f
) m8 S5 L# a) fUEX Corp. (UEX : TSX : $0.88)
& l3 q2 R; s9 w- i! AShea Creek's two largest deposits have become one
9 ~0 m) o0 V' N% H7 {+ N0 LDundee Capital Markets maintains "buy", 12-month target price is $2.75% Z2 O- ^ |2 V$ @/ b4 r& Z
) ?8 Q3 W& x& V! \+ k# g6 S9 ~0 GVero Energy (VRO : TSX : $4.72)% r) R2 \0 H3 x7 b) e
Released Q4/08 results: horizontal focus to continue in F09& D7 V) i# |3 j3 R+ C; @
Dundee Capital Markets continues "buy", 12-month target price is $8.00# h# {2 s( R4 V1 z' n
GMP Securities continues "buy", 12-month target price is $7.50
5 ^) N/ O5 _: FParadigm Capital continues "buy", 12-month target price is $12.00 d. @( h7 u$ c- Z
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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$ _; K9 c- w7 ]7 ^7 ~, l9 a) K mWi-Lan Inc (WIN : TSX : $1.75) f P) z9 D6 `4 b+ S
Hit homerun with Samsung
/ o5 G5 j. _; O5 I! YParadigm Capital continues "buy", 12-month target price is $3.50 |
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