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Ear on the Street --- Jan. 16 2009; {: T8 r7 k$ G) S5 r# F
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Absolute Software (ABT : TSX : $3.36)
8 r% F U, w$ N) Q: A. ~Bracing for a tough few quarters
# \( m% l n' S5 o3 bCanaccord Capital maintains "hold", 12-month target price is $4.50" d( E. E: v, M& d0 s, x
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)2 o/ ?# S% N4 }; E; `' Q
Growth outlook, challenging pipeline and high cost structure make future unclear
2 l$ R) G: Q$ I+ k/ r7 _+ C2 gBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
6 x2 F" x/ i2 UTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.005 g8 O. `# i" U) g i8 w2 H4 o4 R8 ~
' L) X$ M2 ]+ H0 oAstral Media (ACM.A : TSX : $22.98)
2 \: \& Z" p$ Y, F% [/ a( sReleased Q1/09 results: strong, in light of challenging operating environment
8 c) \7 F e7 L; pBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
, u, p% D3 z2 \) H/ T5 jDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
& \ k" q/ h9 |: J/ a0 w# Q4 xGMP Securities maintains "buy", 12-month target price is reduced to $30.00) o: y1 d' d4 f* s" M& H& @
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
5 R. r& j! ^& m1 {1 z5 XScotia Capital Markets continues "sector outperform", 12-month target price is $30.00# t2 y& M9 Y2 @+ u1 r3 g
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
8 N$ Z+ P2 E2 T kWell positioned with gold production forecast to double this year and next3 I" [) t7 d- d
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
2 P2 l8 j& n) V1 ETD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15)
2 E1 f( S) | d1 a: J, M7 JReduced distributions by 20%; capex also cut4 W b5 Q: E! Y! Q+ p
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)+ s) i5 p' @1 `5 ~3 X# w
Announced F09 outlook# u+ ^4 M* V1 P) z' ~ n/ W
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
* d: v, @5 t9 x! C1 q" h& u0 ~3 ^TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00 t/ D6 o$ p, C G/ \5 a+ E: g
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Bombardier Inc. (BBD.B : TSX : $4.65)
. y* L2 E) t+ i: e2 b) m' GRising challenges in Aerospace' L [' H, W2 z q. T4 h" j3 F
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)- d. T5 s; `# r& L7 Z
Acquiring AIG's Canadian life insurance business
: |+ l3 l/ N5 f; ?; D2 e$ o2 zTD Newcrest continues "hold", 12-month target price is $37.00
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, y, U# Z% x7 L TCogeco Cable (CCA : TSX : $33.37)
9 w' A" t& t, \; u% p1 `Q1 review: Canada results encouraging, but Portugal remains a drag
^: e. X: q# B0 A' K. j4 ABMO Capital Markets maintains "outperform", 12-month target price is $46.00
) r0 b" n7 b9 I; {5 P; A8 UDesjardins Securities continues "top pick", 12-month target price is $40.00: J4 C3 `) ^+ U5 T# ]8 z
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00' G4 M2 a3 D3 |$ v+ S& G8 _
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00, j; I6 x7 p( u9 o& ^
, v1 u* m( i0 B \, LCorridor Resources (CDH : TSX : $2.45)2 s9 d/ J& B6 f9 u. x
Capital budget set to expected cash flow; production guidance lowered% k: J/ _7 q! \% A% U: f7 ^
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)! }1 j2 q1 g0 Q% j) e# E' J" D
Strong radio and cable drives 39% EPS growth
: [$ A% R% W' N L/ DScotia Capital Markets continues "sector perform", 12-month target price is $45.00* s' g+ w( Z. C3 P) F" Z2 R7 u
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CanWest Global Communications (CGS : TSX : $0.51), F) \3 Q3 Y% ~5 c
Taking action to address tough operating environment
$ l6 K0 x( J1 f1 K f! @/ ~BMO Capital Markets maintains "underperform", no target price reported. Q5 t& t; k; t5 u1 Y# z7 B
Credit Suisse maintains "neutral", 12-month target price is $1.00
, ]9 s) A3 C" l( \GMP Securities continues "reduce", 12-month target price is $0.50
# i7 j$ p4 c* m# S! U: M7 O" i/ a4 _RBC Capital Markets continues "underperform", 12-month target price is $0.75
7 R) b6 o2 V1 |Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50% q5 p+ y5 }4 W2 [, N. i
$ V9 A' K9 T7 m' r. Z0 \6 w8 }0 pCorus Entertainment (CJR.B : TSX : $12.47)
; s/ @% v+ ?. {: t7 sQ1 revenues in line, EPS beat
# a; Y4 k# T: c; R0 ?' @3 BBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
6 C/ V' S0 ^% F" g3 F& ZCredit Suisse continues "outperform", 12-month target price is $20.00
. d3 I# I4 U$ b+ QDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
% T3 P7 x8 u: i: D( E6 O; AGMP Securities maintains "buy", 12-month target price is reduced to $17.006 G6 ]3 C n- ?, u4 j" ?# A: H$ @4 V
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
) T/ q1 S( E7 \$ U3 PScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)% \( G' `* Z1 S$ Q& B
Held investor day
4 Z3 e5 H1 @: h5 U/ H( R0 lScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
3 b' v% n: R& W! U8 b: u0 @ q' s% nReduced distributions by 38%; guided for lower capex8 \/ u/ @8 ?: B1 h1 v$ i) L" ?
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
: \* M' ^6 A3 @Dundee Capital Markets continues "buy", 12-month target price is $12.001 Z2 [4 P+ o- j& o/ a
TD Newcrest continues "hold", 12-month target price is $7.50" k( F0 h7 b+ z9 p7 V
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
5 P2 x5 p2 a. L3 J" O4 pSteady market and currency tailwind; W6 _' e0 Y6 K$ V4 t
TD Newcrest maintains "buy", 12-month target price is US$5.00: N' I& [, O" h0 W2 o' n
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Goldcorp Inc. (G : TSX : $29.74)
: i) I% _, a1 \) ]2 eRevised commodity forecasts
. z( U, v) O$ iBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00( t6 c& z# m9 S9 \
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Heritage Oil (HOC : TSX : $3.77)( H: g5 u9 W- y+ T! a4 m
Announced Ugandan commerciality on exploration success
& _# N3 J. l0 ?TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50' E' a+ i% P Z
6 S+ @0 S& l0 A1 J! [2 UHarry Winston Diamond (HW : TSX : $4.98)% f6 A& B. [; P W
Retail division suffers) S* z' h) R, H5 ]2 w
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)6 L0 e! ~) g- \ Q3 y
Westmoreland provided more high grade at Redtree's Jack Lens) B: d4 u/ m d, z
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
3 h3 D# {! }: ~0 c9 dReleased Q3/09 results: very strong, focus should be on active backlog
+ }- h2 p) M$ S" t9 KGMP Securities continues "buy", 12-month target price is $9.00" E( y* X* ?5 Z3 [$ M
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)' p y$ T, t5 ` ?6 b) u4 y7 x8 j2 j
Reduced distributions by 70%4 c8 r: D& Z' S! y. V$ Q }
RBC Capital Markets maintains "outperform", no target price reported+ p3 h3 M+ y- H' x
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)! ?% ]& `* m0 a. n( \* q9 t- ?
Released Q1/09 results: a little light, but still respectable, E |7 K9 B4 N8 ^" z: q& i" z
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
6 n: K7 D' v" G. ?7 IParadigm Capital maintains "buy", 12-month target price is $4.00* }, y! x' `5 J
5 w0 p" g8 Z; q7 lMullen Group Income Fund (MTL.UN : TSX : $10.97)
: W2 Z2 e& u% R! }; gExpecting lower CFPU on higher taxes' x! [6 A7 e/ H) `' |) \
BMO Capital Markets continues "outperform", 12-month target price is $18.00
! F6 N; O0 P; z& h4 PRBC Capital Markets continues "sector perform", 12-month target price is $12.00) ~- i: v2 J/ e5 y) \
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)) t% j. @: G/ d* Y' \
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
+ w8 W; V% O: D8 d# ?, }! {( `Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
6 R4 d% { x5 z1 _6 Z* z9 bCredit Suisse maintains "neutral", 12-month target price is US$1.00$ k {! X9 _& ]* e g* X& U
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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; K: C" K$ u' W+ H$ K& j4 pNeptune Tech & Bioresources (NTB : TSX-V : $0.79)4 H' A* V$ N) a
Dietary supplement business facing headwinds2 ^! F9 _' m1 L6 _0 E' J4 U$ K
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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3 f4 f& D) @1 ` }Open Range Energy (ONR : TSX : $1.18)
I3 f4 M! L5 t4 p: sProvided operational update and F09 guidance# ? X$ o! B# v x+ F
Haywood Securities continues "sector outperform", 12-month target price is $3.25* T* S- W! g" y# D
% Y7 E* f4 D4 O4 h4 rOsisko Mining (OSK : TSX : $3.13)* ]& a+ M0 C. U3 S O5 m/ L
South Barnat resource around the corner/ ~: c6 Z. u4 @5 G6 q. X/ W
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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. r/ J4 m( u Y! Q' J8 l, c) gPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)- g% j6 W r- h6 b) n1 _
Provided operational update2 w8 E9 ]: _/ U& k* n: `4 E% U
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.001 c. r/ { l+ p
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)' _$ {+ E3 y8 f/ ?) X% W+ U
Provided operational update: Grande Prairie emerging as the key focus for F09
0 \; B, W$ _0 E- h5 N0 j* M, K5 MGMP Securities maintains "buy", 12-month target price is $12.00. W6 h5 x8 u9 e0 k) `7 n. f
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Rockwell Diamonds (RDI : TSX : $0.07)0 \' V9 R: z& K# f W) P6 C) F2 E
Operations starting to turn the corner
8 b3 P+ n b6 K: h6 J7 zRBC Capital Markets maintains "outperform", no target price reported
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; N6 @% P! n0 D- {' b5 I; j' z0 lShaw Communications (SJR.B : TSX : $20.13)
+ W% g `5 H- T5 }2 S" Q9 pReleased Q1/09 results: in line, subscribers ahead+ X: Q: i+ d4 H+ R
Credit Suisse maintains "neutral", 12-month target price is $25.50
8 L' S1 w, ]. A. n4 e7 [8 QGMP Securities continues "buy", 12-month target price is $26.509 o6 t5 G: Q: j" Q4 v! [ W# ]/ G
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
+ R& C; v, w2 ?' O2 B, JHeld a sell-side lunch showcasing new U.S. team
0 W) _8 w% k, U! x# V3 JScotia Capital Markets maintains "sector perform", 12-month target price is $33.00! Y; _; A2 r3 P/ v: a$ l
2 p: z0 Q- O: b1 V, i6 I0 X3 h6 HTrican Well Service (TCW : TSX : $6.93)
2 `0 X# S% j: |, z. P) cAwarded Russian contracts: H0 c9 ?/ j: w, p/ o: x3 ]4 j# ?% ^
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
6 o" p. d5 L% k- K: ZRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00: [, r' M$ K# T$ @. Z
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
0 _' ?$ B- H/ QChinese furniture exports rose in November2 E0 `7 ~1 C, y6 Q' k ~
Dundee Capital Markets maintains "buy", 12-month target price is $23.50$ e& [7 n% J: K/ B! k8 c
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UEX Corp. (UEX : TSX : $0.88)
8 b# }+ k) q# ^% H; H' M. cShea Creek's two largest deposits have become one0 Y; \6 g$ {/ d. L: j: C& \
Dundee Capital Markets maintains "buy", 12-month target price is $2.75+ {6 U4 {) O! A O
' n( B4 l4 h% N- ~: VVero Energy (VRO : TSX : $4.72)! q) ?3 E: j" ^9 O& R, a3 M. F; d6 G" K
Released Q4/08 results: horizontal focus to continue in F09# U) L- W0 v) A. s) x
Dundee Capital Markets continues "buy", 12-month target price is $8.00
; R7 W. U/ w: VGMP Securities continues "buy", 12-month target price is $7.50
: H. f! k& h( M- I5 o6 L* aParadigm Capital continues "buy", 12-month target price is $12.00
5 C5 E+ `+ p/ w4 q$ E: _7 mRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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5 A: x; q* `3 o: D* rWi-Lan Inc (WIN : TSX : $1.75)
X& Y4 J6 l" Q0 W% V, Y3 T2 y ZHit homerun with Samsung
- H& s s6 J, _Paradigm Capital continues "buy", 12-month target price is $3.50 |
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