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Ear on the Street --- Jan. 16 2009
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7 j; x D% ^- c( J4 x) p# b; B& vAbsolute Software (ABT : TSX : $3.36)5 N( A' l4 X/ C3 a+ i7 U. E
Bracing for a tough few quarters
7 n2 x! d2 y- g K6 T$ M; KCanaccord Capital maintains "hold", 12-month target price is $4.501 ]4 w) V2 g W9 A" H
+ `) x0 I) N. i( B7 w' {- }Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)7 ] W- z3 v) P" M, Y! ~
Growth outlook, challenging pipeline and high cost structure make future unclear
! ` H% u# K$ x, W# I! _3 z) P3 F! aBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
; w/ E( X. u: p7 K# [9 w, \2 \TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)
. Q9 I' i% `( x, ~! c B( ZReleased Q1/09 results: strong, in light of challenging operating environment
8 X# A3 P6 @4 ]% eBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
/ j: l# [! ]9 KDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
) [& U+ _/ }( NGMP Securities maintains "buy", 12-month target price is reduced to $30.00
4 l* @* ]/ N: X" q4 U7 k1 b: _RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00& ]9 @; a l2 J! z/ H0 g
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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5 l* ^0 v7 o: w7 DAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)+ h7 M' D I: X! y: H0 ?# Z
Well positioned with gold production forecast to double this year and next
6 \* t5 Q* o7 }9 l' {Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
# S' D1 \. |( m7 ?7 U4 fTD 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 : $17.15)
: S4 I# _$ M- P' i2 i) \Reduced distributions by 20%; capex also cut2 v4 d8 u) K9 U6 [, T
RBC Capital Markets continues "outperform", 12-month target price is $19.00" M, }" F' F. w9 F
& U9 j( v. y6 G, k5 X# sAndean Resources (AND : TSX : $0.75)% M0 A8 j D$ {% f- `
Announced F09 outlook
$ v1 o3 K E6 j$ u5 P; u2 F: bParadigm Capital continues "speculative buy", 12-month target price is $2.25
1 u" P+ U Q5 y: k6 `TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00* y1 i2 }) p1 C# S$ b7 z
- O3 J9 m, d' hBombardier Inc. (BBD.B : TSX : $4.65)# V i: g: s, V9 o5 |% o
Rising challenges in Aerospace/ a& w5 x; m0 h/ O
GMP Securities continues "buy", 12-month target price is $8.003 A! H' s7 {% L, S
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Bank of Montreal (BMO : TSX : $31.84)
( H5 \5 T4 y: G+ CAcquiring AIG's Canadian life insurance business
/ e' `! V" q0 e/ ?& a* e8 ZTD Newcrest continues "hold", 12-month target price is $37.00
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! _0 H9 h) P- qCogeco Cable (CCA : TSX : $33.37) B: x& n9 W. l& Z
Q1 review: Canada results encouraging, but Portugal remains a drag3 u6 K6 B. ^! J3 I# X* W
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
' q$ o$ m; u* E( t& a. A6 ~; ?5 _Desjardins Securities continues "top pick", 12-month target price is $40.00
% l2 \ l% y2 {' L% A' E9 L$ J5 aRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00) K8 _. V1 ]% U
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.008 n- V) E5 R' a8 e" {# v
- |2 u2 j1 t8 s5 f: @Corridor Resources (CDH : TSX : $2.45)! F3 c$ C# @* D! U
Capital budget set to expected cash flow; production guidance lowered
& q& h+ F/ \7 D. u" |" ?8 \. r3 IRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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E# q+ T6 ?" CCOGECO Inc. (CGO : TSX : $25.14)
/ [: i# U; t# G. [8 `, \Strong radio and cable drives 39% EPS growth
- Q7 _3 J# F4 e6 hScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51) Y' q7 e& C/ e6 A1 U' Q
Taking action to address tough operating environment
5 F# Z; N5 d( I" z6 M# q! yBMO Capital Markets maintains "underperform", no target price reported/ u$ a8 B/ w- ~" {9 H# M
Credit Suisse maintains "neutral", 12-month target price is $1.005 \) s: h% e! R! Y' j, Y
GMP Securities continues "reduce", 12-month target price is $0.503 H( ?' O. E& i2 G# W5 z' b
RBC Capital Markets continues "underperform", 12-month target price is $0.75- v C5 O s. h* S1 i9 h; ]
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.508 x( T6 c/ }8 `. b1 ^0 D2 c
/ l, f1 _7 P }0 [& z- x: DCorus Entertainment (CJR.B : TSX : $12.47)1 \/ ] B% v' [6 K5 I6 }# k5 {1 e
Q1 revenues in line, EPS beat% f. m+ @+ `1 y) K/ g
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00' c" ] z {* T5 W3 x4 ]
Credit Suisse continues "outperform", 12-month target price is $20.00
}1 o" J: c {. D- JDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00, v! ?4 u" l0 \
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
& X# B0 q1 ^7 ?1 iRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
3 K; A) }/ a ?8 `, _Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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4 k9 U7 [8 w7 kCalloway REIT (CWT.UN : TSX : $11.84)5 w q- M6 h5 z+ i& @: c' v8 n! A
Held investor day
$ g; u. f+ N. G6 O' n5 qScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
: i# Y l0 \; ^7 G y" `/ a+ WReduced distributions by 38%; guided for lower capex
" C6 ?# g4 |8 }2 F- l' LBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
. B! ~6 H- q6 h g5 J QDundee Capital Markets continues "buy", 12-month target price is $12.00
7 A {, q9 c% k4 QTD Newcrest continues "hold", 12-month target price is $7.50$ c7 c7 a& U: G6 q" q2 m
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
; m: I/ N# B% b. PSteady market and currency tailwind! o$ j/ z @# [. Y0 e2 x
TD Newcrest maintains "buy", 12-month target price is US$5.00* `$ g9 \( P) @
8 Q( E6 Y$ B! Q# \$ P: s9 [Goldcorp Inc. (G : TSX : $29.74)4 L& _8 W4 ?1 l( J$ M3 t
Revised commodity forecasts: E8 y( G+ T5 }2 c/ P! J
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00, U+ _( ]" j4 c8 q; Z
" |. r9 R- b/ h) T$ ~& |Heritage Oil (HOC : TSX : $3.77)) K% S0 G# {+ a. k7 A
Announced Ugandan commerciality on exploration success
+ F" N% h: r, M2 ~) Q, TTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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0 T+ Q; c% l* l; \. r. o. q0 X$ ]# ?Harry Winston Diamond (HW : TSX : $4.98)
. z5 ~5 r/ u1 k v4 A2 p7 r( r7 ZRetail division suffers
/ ~" f9 U$ J5 x$ eDesjardins Securities maintains "buy", 12-month target price is $12.60; f9 H$ @# C$ O
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Laramide Resources (LAM : TSX : $1.84)' Q7 @4 v& G) V6 A9 s i' }
Westmoreland provided more high grade at Redtree's Jack Lens/ Z$ K ^- n& A2 b
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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5 j, R$ o$ c b( ]- e' f7 Q/ XLockerbie & Hole (LH : TSX : $6.00)
" A1 I6 f/ E2 x5 YReleased Q3/09 results: very strong, focus should be on active backlog3 D; l- n; V7 V3 Z' y2 f0 d
GMP Securities continues "buy", 12-month target price is $9.00
2 l3 J- L# T0 d6 \) gRaymond James maintains "market perform", 6-12 month target price is $8.25
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" S, p u% p, ULivingston Intl Income Fund (LIV.UN : TSX : $6.00)
' e; i" X7 i6 cReduced distributions by 70%2 z/ P+ f Q" _+ j% I4 l5 s
RBC Capital Markets maintains "outperform", no target price reported& _. |' [$ e7 j2 G2 K% X9 a( h
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)! `' O1 I8 o" X. X1 p0 f1 u6 L( v
Released Q1/09 results: a little light, but still respectable
; ?) y" t+ ~. T& G C6 |BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
8 V u! D1 t0 p. ]" Q9 A5 WParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)9 A; m, t0 q8 r* v! e
Expecting lower CFPU on higher taxes* B% W9 e: L7 |. v P: P! ~
BMO Capital Markets continues "outperform", 12-month target price is $18.00
" S# L" {/ G0 {) w3 YRBC Capital Markets continues "sector perform", 12-month target price is $12.00
- T/ U" V4 j" {5 e! Z8 A# o! @, oTD 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)
3 n( p) n! k: f: ], dReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
~" `; z' i" vBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
+ `3 Y" D# a; `7 Q; P KCredit Suisse maintains "neutral", 12-month target price is US$1.003 y0 L9 L5 y" \/ F( `& b7 A1 R
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80) ^* g4 i% g5 H* k9 j
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)# L! j# q. N% m' M
Dietary supplement business facing headwinds) J2 N1 h+ d. d6 D; G& u3 I7 ?
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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* h1 V+ ]3 s+ A; {) DOpen Range Energy (ONR : TSX : $1.18)! d! |4 J3 ^% c' |
Provided operational update and F09 guidance" Z, F$ m/ I( L5 ^8 O: F) R# x- G
Haywood Securities continues "sector outperform", 12-month target price is $3.25% m" q* F" |; j- V- v; k, N6 \
" B; D0 V& z6 |6 h+ ?Osisko Mining (OSK : TSX : $3.13): X) v: v' I& n5 V; ]' R
South Barnat resource around the corner& U/ [8 I+ x6 k& p4 F/ B/ Y% ?
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$13.75)8 b+ J& ]# g" H4 r7 H/ P7 ?4 J1 p
Provided operational update1 a5 f+ ]1 s& F2 E$ y9 J c
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00- o. E* L }. k& J& D
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50: m1 |' A- b$ E4 c" H$ R
1 d1 H% H; H4 }4 p: D% RParamount Resources (POU : TSX : $7.85)
+ c+ i- ]! v7 T9 i* `Provided operational update: Grande Prairie emerging as the key focus for F09
! W& l' r) ~2 ~1 O/ |3 e4 uGMP Securities maintains "buy", 12-month target price is $12.00/ H6 e! t" r* ]$ e8 F
" T2 `6 I' G7 I! F0 _. TRockwell Diamonds (RDI : TSX : $0.07)% Q$ S# W6 z/ r0 W
Operations starting to turn the corner' m# K0 x j6 M! n k8 K6 D
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
# g/ N- |, y& i8 A) W' ]; y) z' K/ aReleased Q1/09 results: in line, subscribers ahead
$ h& T$ T! a4 qCredit Suisse maintains "neutral", 12-month target price is $25.50" b8 O# b7 A* L! I
GMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)/ _; d7 |+ s$ v# ^) S" U9 o. U
Held a sell-side lunch showcasing new U.S. team, h% A7 {. K9 o3 L4 }2 o
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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% y+ Z* u) ~: z% [Trican Well Service (TCW : TSX : $6.93)
2 S3 C2 g" w7 L$ [, IAwarded Russian contracts2 Z! ^0 \- U6 }) ?' g& R) N
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
; N$ X, J; Y1 V$ q9 l& [ B$ P2 zRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00# v' w7 a1 e& }2 R/ p# i) y$ g+ y
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93) z$ d; c) M9 b$ ?( M
Chinese furniture exports rose in November
$ e4 s7 R2 z- y( J: ?2 kDundee Capital Markets maintains "buy", 12-month target price is $23.505 D0 q! ~, ]# v9 Q. U
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UEX Corp. (UEX : TSX : $0.88)' H! d8 Q* E" k
Shea Creek's two largest deposits have become one7 v# L% m) A+ Z- w o$ z$ C
Dundee Capital Markets maintains "buy", 12-month target price is $2.754 @) S' t; x& b" _
. N3 a' ]: g. `& OVero Energy (VRO : TSX : $4.72)
0 f. k8 W; S7 Q9 o+ oReleased Q4/08 results: horizontal focus to continue in F09
. ]( {1 ]3 [$ N- c* \- Y0 nDundee Capital Markets continues "buy", 12-month target price is $8.007 u" ~8 P; H# Z; _! y4 W
GMP Securities continues "buy", 12-month target price is $7.50 `" V3 A- g. e1 ?) m
Paradigm Capital continues "buy", 12-month target price is $12.00
w; x% l* \( Z: TRBC Capital Markets maintains "outperform", 12-month target price is $8.505 q# u* k* S0 l& l+ R+ s
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Wi-Lan Inc (WIN : TSX : $1.75)3 p* y1 t1 Z' N
Hit homerun with Samsung
1 Q/ m! o) d2 B# sParadigm Capital continues "buy", 12-month target price is $3.50 |
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