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Ear on the Street --- Jan. 16 2009
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$ s/ T! @! t$ \* KAbsolute Software (ABT : TSX : $3.36)
$ {! Y' u; f6 P2 h GBracing for a tough few quarters
% w O n3 [8 a \6 BCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)3 A; j2 N% ~* T* C
Growth outlook, challenging pipeline and high cost structure make future unclear
" v- Y1 }1 \# |9 X$ H3 s/ gBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
; ]9 o; N% r- C% J$ t8 xTD 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)
! ?; l* Q7 ?; J2 A+ ~! B. P( m) HReleased Q1/09 results: strong, in light of challenging operating environment/ F- \8 Z2 E9 K6 m5 {# J( }! r
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
2 z R+ e; B* KDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
; j+ F7 n9 K( G5 y9 v; @- NGMP Securities maintains "buy", 12-month target price is reduced to $30.00; X; {0 @2 [& w! l D1 v- \
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
% q8 r* R; K z7 Z! y9 w. d# iScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
& m* y$ b+ m y0 g6 M4 u; DWell positioned with gold production forecast to double this year and next6 j9 h2 v! [8 K( `; D
Blackmont Capital continues "buy", 12-month target price is lowered to $83.003 A( @: \) z0 f* u4 w) U3 h
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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2 s! m, s& [# J7 [ARC Energy Trust (AET.UN : TSX : $17.15); } t9 k, z2 J7 M" N' d4 ^
Reduced distributions by 20%; capex also cut# ]/ N5 R) z5 m' t
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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' M, ?- b, b( z0 L8 }' L& _# LAndean Resources (AND : TSX : $0.75)6 [4 V+ {1 j6 t" Z
Announced F09 outlook. s! }3 D0 { A
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
5 \" G7 s" w7 k2 f7 sTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)$ I+ q0 R; D q0 J6 h; Q4 [/ X
Rising challenges in Aerospace
( I$ f8 _4 z/ {3 U% C9 ]GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84). s/ @! O" J. i/ e1 V3 t3 v
Acquiring AIG's Canadian life insurance business
, k( m1 D' g$ FTD Newcrest continues "hold", 12-month target price is $37.005 V$ n! o3 ]% v7 J2 `
/ i# V; w- Q6 R( r5 q, w3 ~1 G% VCogeco Cable (CCA : TSX : $33.37)/ V$ |7 N: i' _% H
Q1 review: Canada results encouraging, but Portugal remains a drag
$ ]' i6 L1 E6 J' d: D/ T5 _BMO Capital Markets maintains "outperform", 12-month target price is $46.00
( _* T6 f. o* YDesjardins Securities continues "top pick", 12-month target price is $40.001 V2 ~# l8 I# }' }4 O j
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
: P- o% Q+ n5 [0 P" U$ G, L x: LScotia Capital Markets continues "sector outperform", 12-month target price is $55.00. ?3 i; B% c9 {
8 {" z& x7 B/ S1 s3 YCorridor Resources (CDH : TSX : $2.45)8 X- [2 Q4 r9 N" w0 K0 k# r
Capital budget set to expected cash flow; production guidance lowered& |/ w+ e; V* @) W: p
RBC Capital Markets maintains "outperform", 12-month target price is $4.25, j6 o% G3 P0 G: y
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COGECO Inc. (CGO : TSX : $25.14)
( z3 X) @- {# R/ n; F! [9 v `9 WStrong radio and cable drives 39% EPS growth
Y$ r6 l- l3 K3 ZScotia Capital Markets continues "sector perform", 12-month target price is $45.00! M$ U# @( [5 s0 c5 u
* |$ _; E6 D+ d0 E c% FCanWest Global Communications (CGS : TSX : $0.51)
2 o7 F. A% K2 ~Taking action to address tough operating environment8 s; Y C2 s6 o4 Q
BMO Capital Markets maintains "underperform", no target price reported8 u* }3 z. ]- X: j3 t2 o
Credit Suisse maintains "neutral", 12-month target price is $1.00
# i7 B* T+ n- B- x- IGMP Securities continues "reduce", 12-month target price is $0.507 B' S- w% \* l7 N/ q
RBC Capital Markets continues "underperform", 12-month target price is $0.75
! s! \# O; d1 X5 |* u. VScotia Capital Markets continues "sector underperform", 12-month target price is $0.507 b% x' I" `# g
9 u" I' H2 D8 M6 F3 u( RCorus Entertainment (CJR.B : TSX : $12.47)
2 u( C, {0 V( F* @Q1 revenues in line, EPS beat
* p* x8 G! X* P. JBMO Capital Markets continues "market perform", 12-month target price is cut to $15.004 [0 q5 d7 d3 a1 o
Credit Suisse continues "outperform", 12-month target price is $20.00% z* k2 h( [* u- j1 k& a
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
9 G3 F0 n6 n# L& [; XGMP Securities maintains "buy", 12-month target price is reduced to $17.00
3 ]+ S+ T9 l, T' n5 GRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.502 p7 D1 n8 n: G, v5 C4 }) ^7 I( p
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00( H6 W* Z& p t# z# l' r1 q5 a& d
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Calloway REIT (CWT.UN : TSX : $11.84)! ~9 r& W- ?/ K0 m
Held investor day
) |' S! K& e$ o% V# Y3 j3 hScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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' u* k6 H5 z P# {Daylight Resources Trust (DAY.UN : TSX : $7.77)& @5 B6 Q( v4 X) X, k) L
Reduced distributions by 38%; guided for lower capex
. C8 w# ?; E2 A- nBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
, `% s$ G# @' A- |2 ?, RDundee Capital Markets continues "buy", 12-month target price is $12.005 b4 ~: s+ ?& ?7 Z' w2 R! ~
TD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
; y1 I+ S O, C9 I1 l2 ASteady market and currency tailwind- e, D6 U0 a) |8 p; U1 p
TD Newcrest maintains "buy", 12-month target price is US$5.00) n$ J0 Y6 q* k8 K
o7 w" } y* d' D) FGoldcorp Inc. (G : TSX : $29.74)% a3 }. S; A' H* l
Revised commodity forecasts
+ j8 F5 K& a' H; Y# h7 o6 QBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
) C; O' o( n c N0 XAnnounced Ugandan commerciality on exploration success
3 `* W. Z: C( P6 P7 OTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.508 v1 c( ^9 A7 Y
3 l. R$ t& x! o& B$ }0 g3 ^" eHarry Winston Diamond (HW : TSX : $4.98)7 h1 I9 j9 R# f
Retail division suffers; ^0 N+ c# \1 u" b8 P
Desjardins Securities maintains "buy", 12-month target price is $12.609 r7 J0 i: j( _
! d2 h6 H5 y S- b5 t- r. f: w2 YLaramide Resources (LAM : TSX : $1.84)% v6 o) V6 E8 h8 _. g2 X( v" I
Westmoreland provided more high grade at Redtree's Jack Lens
/ j+ f7 e9 o1 B% V0 N" Y6 J2 [Dundee Capital Markets continues "buy", 12-month target price is $2.30
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% t' b! ?5 q9 l1 ~0 f. E( lLockerbie & Hole (LH : TSX : $6.00)
( w& B! [$ r1 \" Y2 i; eReleased Q3/09 results: very strong, focus should be on active backlog) x. r/ U- u: [6 x
GMP Securities continues "buy", 12-month target price is $9.00$ h" l+ S" b, u7 H. {1 I6 y5 f/ R
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)
9 M! A, L) \: ]" ]) bReduced distributions by 70%% K- R! |* z8 x
RBC Capital Markets maintains "outperform", no target price reported; C# q! U. w t! |& n2 t- x* R% y
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
3 w4 l- U& h; TReleased Q1/09 results: a little light, but still respectable
" s3 ?( _: N6 VBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50, Z8 i! D, ?5 l; _% b `. l( ~/ g
Paradigm Capital maintains "buy", 12-month target price is $4.00) u. f% R) _+ b2 L3 J' Q
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
3 G9 c3 E4 N+ z2 e' A: I/ V9 y8 mExpecting lower CFPU on higher taxes
/ M$ ]" l3 N; t6 J' W% r: sBMO Capital Markets continues "outperform", 12-month target price is $18.00
k; w8 }5 {* l, S$ r9 t9 URBC Capital Markets continues "sector perform", 12-month target price is $12.00
4 ~: @' r* p6 U2 Q0 ?/ fTD Newcrest continues "buy", 12-month target price is $17.00
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2 I9 H# ^3 X; w' W5 {Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
; c9 M @; |- Y+ O& [. Y6 Y: TReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
) g1 j' p; L7 n" y1 Q- ~- V6 UBlackmont Capital continues "hold", 12-month target price is reduced to $1.254 f; J& ` ~1 X) Y
Credit Suisse maintains "neutral", 12-month target price is US$1.00
. q" P& t- M3 k6 M6 R/ QScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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1 E: m! D6 p, R/ d. @4 G( \Neptune Tech & Bioresources (NTB : TSX-V : $0.79)0 a! F& p1 S9 l3 `( l9 }7 q& P
Dietary supplement business facing headwinds
6 }3 X6 m' @' |2 a/ XParadigm Capital maintains "buy", 12-month target price is reduced to $4.00* V9 @9 q8 |+ @* c) L# P7 J
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Open Range Energy (ONR : TSX : $1.18)1 m9 T2 x3 A& Q7 `% p, C
Provided operational update and F09 guidance
+ y+ t& R# X- DHaywood Securities continues "sector outperform", 12-month target price is $3.25; [% B7 L; ^' X
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Osisko Mining (OSK : TSX : $3.13)( a, d5 _1 o/ ^' L+ K+ [
South Barnat resource around the corner
1 c/ b) x& P: }Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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4 P) g4 J/ g6 wPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75), ?7 m2 q2 {$ C3 y Z5 r
Provided operational update" {6 Y$ |3 |/ S: e
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
6 y" u2 k5 v) w' kTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50 @6 f4 |% C* c$ s6 U& D
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Paramount Resources (POU : TSX : $7.85)
- I; S% C# F3 r8 _, T3 Q1 u5 W! p+ ~Provided operational update: Grande Prairie emerging as the key focus for F09
1 Z" b2 c: ?* q( `4 Q$ @9 F" T9 K. S+ q! HGMP Securities maintains "buy", 12-month target price is $12.00 B% s: a k7 Q
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Rockwell Diamonds (RDI : TSX : $0.07)2 {$ }, V/ G% e0 y7 u+ \+ P+ `
Operations starting to turn the corner
$ v5 u9 ^& @: Z" i5 e: ZRBC Capital Markets maintains "outperform", no target price reported3 M6 }; B: ?: V' p( |5 m# x
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Shaw Communications (SJR.B : TSX : $20.13)
# i8 g! Y, n8 V$ c+ `& p) YReleased Q1/09 results: in line, subscribers ahead' C/ N2 q$ }7 B: P( q w" a
Credit Suisse maintains "neutral", 12-month target price is $25.50
9 D7 B8 S9 m/ @4 a+ @4 o+ b0 VGMP Securities continues "buy", 12-month target price is $26.50
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# b5 P5 v( Y) XSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
. \. ?! Y; s! R8 L& i3 \Held a sell-side lunch showcasing new U.S. team* `3 b) a- ^4 v
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
% U' |! w* U% v3 {Awarded Russian contracts
3 }! J2 j, c- cBlackmont Capital maintains "hold", 12-month target price is reduced to $8.757 b8 u1 K( g" @0 I2 e" k
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
* u" l# w% y) h2 B$ [( [. `5 ?RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)" ^9 v% H' v0 i' W1 ?
Chinese furniture exports rose in November# t# }) z Y+ b0 j0 W# p$ \ k9 D, k: ]
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
' [* P. ~3 z# _) ~Shea Creek's two largest deposits have become one% U' z* t+ T& F
Dundee Capital Markets maintains "buy", 12-month target price is $2.755 x9 x( C4 o' ]+ U& D4 F! p' m
8 Z, G( N; m. |, @' p: |- hVero Energy (VRO : TSX : $4.72)% y; q2 A A: _8 S# ?# F" o" R
Released Q4/08 results: horizontal focus to continue in F09( j' G/ D) f+ n0 ]# m
Dundee Capital Markets continues "buy", 12-month target price is $8.008 l7 `: z- q# \! k% r, O6 n
GMP Securities continues "buy", 12-month target price is $7.50
/ ?* Q% g& U/ J/ q$ TParadigm Capital continues "buy", 12-month target price is $12.00 y1 S* \1 I o, t- c- T
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
( R, j) w* r8 j) J9 fHit homerun with Samsung
g' S( G9 @9 @7 X$ J% ?Paradigm Capital continues "buy", 12-month target price is $3.50 |
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