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Ear on the Street --- Jan. 16 2009( Z# Z7 N0 E& E# F# \
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Absolute Software (ABT : TSX : $3.36)
" {, [ q' {& b% Y1 ~/ rBracing for a tough few quarters
8 o3 ~" G# I/ @- W+ l2 N/ QCanaccord Capital maintains "hold", 12-month target price is $4.506 Y$ j H$ q! a: q- e3 _( f
- B( q4 a& ?5 _1 M" z1 J' J% @! j/ EBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)# j4 N. @2 ?1 |$ D
Growth outlook, challenging pipeline and high cost structure make future unclear
# V( X5 s" Y+ o& L9 @% }$ hBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
' c) [+ v0 Y/ E2 ETD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00) P b( x. _' Q; }$ \% r( P l
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Astral Media (ACM.A : TSX : $22.98)( |5 h1 r- s4 k6 k1 ^
Released Q1/09 results: strong, in light of challenging operating environment0 r9 h, ^# [/ W d% H
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
/ w9 P) L% g @2 |3 ?Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
) @0 W" q* w: @GMP Securities maintains "buy", 12-month target price is reduced to $30.00
, l$ F# @9 Q; O6 YRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
( Y$ B* d/ {. U0 b. X- Q1 [Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00, {* r3 U9 x5 N9 G) Z, R
$ p" U) ]) C2 m4 O- X8 \* ^& ~Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)0 o8 U+ r( N& c. @4 }2 c
Well positioned with gold production forecast to double this year and next& b4 E* s6 R! _& M$ Y
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
3 q* b4 a! ~+ Q- g. o! ]' z: ZTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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/ n+ N) {* {( M hARC Energy Trust (AET.UN : TSX : $17.15)
3 T! t1 h1 O6 F3 ]: I! J) WReduced distributions by 20%; capex also cut& M v- h4 ~) q
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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1 n6 h- {) ^- J8 H/ P, x: w2 d& oAndean Resources (AND : TSX : $0.75)
N" ~; b! h8 j) Q. l: cAnnounced F09 outlook! A" ]' `: J$ R3 X
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
% ^" h% G4 @! g+ N, l4 s! D% aTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
: w0 S& ~9 B1 O! {: y+ s9 oRising challenges in Aerospace& K4 ^* ]3 ~: V. q8 ]. l
GMP Securities continues "buy", 12-month target price is $8.006 ]9 k5 O: b; d! X
: d/ |! i2 A( E" iBank of Montreal (BMO : TSX : $31.84)8 v: [7 S+ V+ B0 h% P3 Z
Acquiring AIG's Canadian life insurance business
& c/ u3 ~' s: [. gTD Newcrest continues "hold", 12-month target price is $37.00' n' g2 Z4 `4 f# B3 `
- \+ ? D9 r; ~3 xCogeco Cable (CCA : TSX : $33.37)) H5 G2 S. w+ H$ `
Q1 review: Canada results encouraging, but Portugal remains a drag
8 a# K. T3 _3 aBMO Capital Markets maintains "outperform", 12-month target price is $46.008 Y/ \- t3 c4 C$ G* w! e- C4 k
Desjardins Securities continues "top pick", 12-month target price is $40.00
: s U. v, |5 I/ |RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
5 Y: p( s, I( N2 d) n, }5 k0 YScotia Capital Markets continues "sector outperform", 12-month target price is $55.009 E% @5 D; s7 Q6 [
/ d- Z3 v5 P, `% T- @9 e6 d7 U+ [8 D$ M4 eCorridor Resources (CDH : TSX : $2.45)& m4 y1 E3 l. g- Q5 B" g0 @
Capital budget set to expected cash flow; production guidance lowered
3 B# L% ~2 z# J8 R4 X# ZRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
, Y& B f" O! q. H8 @! ]) ^Strong radio and cable drives 39% EPS growth8 V G9 Z( a1 M1 q, }! [& j
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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0 [. [% W5 C& w. s& ]CanWest Global Communications (CGS : TSX : $0.51)& M6 f+ q6 U2 m# Y0 _( g: z4 Y- @
Taking action to address tough operating environment1 K5 P0 T& E G: X! e) u
BMO Capital Markets maintains "underperform", no target price reported
" x0 U( B" J e+ _( M0 j/ GCredit Suisse maintains "neutral", 12-month target price is $1.00/ z2 Z8 P A9 `
GMP Securities continues "reduce", 12-month target price is $0.50
4 _6 V+ b& e6 b9 ARBC Capital Markets continues "underperform", 12-month target price is $0.75
6 |8 q5 h/ Q; B% ~. m m2 FScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
+ O4 I0 c3 ]/ m3 ~' h uQ1 revenues in line, EPS beat
) V/ A: F. [7 @. d* y5 |8 lBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
S8 N7 W: F- K. _Credit Suisse continues "outperform", 12-month target price is $20.008 [# S* \$ l' b. C
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
3 O; ~# a. f$ U+ Q4 M1 }+ UGMP Securities maintains "buy", 12-month target price is reduced to $17.00
) E1 J3 u" i5 d* P# L/ S& C: gRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50# j$ ~4 S* m2 _# K/ ~9 P" R, X7 Q
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.002 V5 P3 `$ F6 z: \9 d! [, H
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Calloway REIT (CWT.UN : TSX : $11.84)
" I X( F% v+ W. CHeld investor day
" ^6 P) C- F8 r, |2 DScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
! d1 a* w+ }+ z9 i0 Y7 b! LReduced distributions by 38%; guided for lower capex' [9 q. T. g% d+ p) V& P4 F
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
" [, d3 D0 d: E7 n0 C' DDundee Capital Markets continues "buy", 12-month target price is $12.00
9 V P6 ^- d& D" `( {, Y2 b+ dTD Newcrest continues "hold", 12-month target price is $7.50+ A( c0 v& ^$ N8 T7 G
, C+ }% p- L2 A( ~EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
0 m- V1 n' G1 i; \Steady market and currency tailwind2 l' N: T4 T7 o6 G
TD Newcrest maintains "buy", 12-month target price is US$5.00) W' t; E( z# q
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Goldcorp Inc. (G : TSX : $29.74)9 a/ V' B5 d5 K& K( d% b+ o
Revised commodity forecasts
/ l h- c' a0 k" R( j! j" [Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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/ I% U' R1 i/ l0 |Heritage Oil (HOC : TSX : $3.77)9 `9 N, o) \& @1 j- `& E" c4 l7 K: X
Announced Ugandan commerciality on exploration success: X: Z8 F0 h A& S: h; k; |! [
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50: r6 {. S' L. D* E# [
/ r' j, i/ I* h9 O8 eHarry Winston Diamond (HW : TSX : $4.98)
' a5 [' b7 A. b3 _5 u* mRetail division suffers% a' q4 m' {$ U$ G* R0 v
Desjardins Securities maintains "buy", 12-month target price is $12.60
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R$ D. ?' J- k1 C- `& o9 b3 KLaramide Resources (LAM : TSX : $1.84)4 Y( t' y" d) l) {/ a
Westmoreland provided more high grade at Redtree's Jack Lens0 C( _0 \: [8 k# y8 j
Dundee Capital Markets continues "buy", 12-month target price is $2.30% e" i' n$ s0 Y
2 G u" v$ Z& c2 }# f" ^Lockerbie & Hole (LH : TSX : $6.00)1 M! Z0 Y: g2 \( `% g; N
Released Q3/09 results: very strong, focus should be on active backlog) K& F8 L* i; ]1 S" t6 s
GMP Securities continues "buy", 12-month target price is $9.00
0 O4 U: _% [- x! R) qRaymond James maintains "market perform", 6-12 month target price is $8.25( X; u- g% ?, o& @6 e$ f# g
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)8 h$ J. v9 g ]' q
Reduced distributions by 70%# \5 t7 N) y( R
RBC Capital Markets maintains "outperform", no target price reported
9 c0 i2 I1 p3 f9 s. hScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
) v- i2 h/ O5 K f& u" I3 kReleased Q1/09 results: a little light, but still respectable
3 v0 h, G9 h) H# T+ V FBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.509 b& y+ C8 w a6 {! D; W
Paradigm Capital maintains "buy", 12-month target price is $4.00
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N3 ]( n9 ?# |6 R. |0 A+ ?Mullen Group Income Fund (MTL.UN : TSX : $10.97)
$ H) m) W0 d, Z! c3 W1 `2 KExpecting lower CFPU on higher taxes# z) G8 _- p0 R# O9 ?
BMO Capital Markets continues "outperform", 12-month target price is $18.00
& \9 ?$ c6 K2 s& u1 h% ^9 ^; FRBC Capital Markets continues "sector perform", 12-month target price is $12.00
: |5 G! g/ {% B( Y a: LTD 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)+ e+ Y8 c& ]% o+ j: `+ [& n9 W
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain- M- G& ^; g e) t
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
4 h$ C7 h5 u6 J: tCredit Suisse maintains "neutral", 12-month target price is US$1.00! l: N/ J) E1 K3 z! g( q( }2 B& M
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)
+ ~( {! Z9 O) @9 r f/ xDietary supplement business facing headwinds5 s* W* V+ `8 K/ t5 k+ a
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00 ~- \2 @/ z% z! A
( [6 h3 Y. O1 H9 j) V. gOpen Range Energy (ONR : TSX : $1.18)
3 D* [$ h+ F5 aProvided operational update and F09 guidance
8 Z7 y# T; o# R( c' l4 r' Y, oHaywood Securities continues "sector outperform", 12-month target price is $3.25
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# K+ p- g5 e1 e& {* k- [7 l& m0 ]' ~" LOsisko Mining (OSK : TSX : $3.13)
6 @' ?' h1 K" E. N1 JSouth Barnat resource around the corner
' E. A$ |3 F9 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$13.75)
8 c1 t9 L, [+ }1 Z5 J4 B" ?$ VProvided operational update
# _) Y5 L7 |3 h& ~Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
; ~0 C* ]# W' v2 b' O( r. l' b# zTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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8 _6 z# K5 c! w7 Q; i8 I* bParamount Resources (POU : TSX : $7.85)8 E" U1 U {( F+ }3 c- g
Provided operational update: Grande Prairie emerging as the key focus for F09
" A* j7 _; X% ?, VGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
7 ^' s. K% B6 I: JOperations starting to turn the corner
/ b8 t. h) r" NRBC Capital Markets maintains "outperform", no target price reported% e1 X' n* b! X# `! V3 [% V6 L; v
1 R3 k# l8 G4 L! M+ u8 u! jShaw Communications (SJR.B : TSX : $20.13)
2 E& {9 v8 O& y7 T& H A9 g) ?Released Q1/09 results: in line, subscribers ahead4 Q" L! A& p8 B5 J G$ S0 u
Credit Suisse maintains "neutral", 12-month target price is $25.50
N/ i2 `7 K& R, i/ F7 c+ p5 _" YGMP Securities continues "buy", 12-month target price is $26.50* _3 q& C$ h0 k/ F- X# |" z) z3 R
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)% u; w- B+ C$ w! K8 M
Held a sell-side lunch showcasing new U.S. team
m0 c1 q. H; K# I% n: b0 |Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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- d9 o2 x3 ]$ c- qTrican Well Service (TCW : TSX : $6.93)7 K( ~0 ^5 `/ K
Awarded Russian contracts
5 |4 b2 D/ h% h0 _ nBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75; V* k: _% \" h% D, Q8 s+ [
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00' W4 C J) {5 b+ l$ I( U; C
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00; k3 Y# l: l9 q# B& S
% ^. Y2 A% k/ ?: o8 D% y, ^. @Sino-Forest Corp. (TRE : TSX : $8.93)9 o1 g2 e' w/ |
Chinese furniture exports rose in November, h3 J$ D H, S) `$ K6 `+ x, l
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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: T/ Z/ N+ `2 U$ V3 e' kUEX Corp. (UEX : TSX : $0.88)
- z, j7 v3 ` t; s8 C3 CShea Creek's two largest deposits have become one# ]" R$ t8 Z- S) Y6 ^
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)3 e$ n! Q8 n, K$ }
Released Q4/08 results: horizontal focus to continue in F09
4 M8 B; y: }! p. s: wDundee Capital Markets continues "buy", 12-month target price is $8.00 ?: W) J; S) l$ [& L! g
GMP Securities continues "buy", 12-month target price is $7.503 n, u1 a& j! k. q
Paradigm Capital continues "buy", 12-month target price is $12.00) _! S9 @+ `# b) r Y$ O
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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/ G9 b: x) u9 hWi-Lan Inc (WIN : TSX : $1.75); W4 B. c1 [0 U5 y
Hit homerun with Samsung
4 A/ |; a/ f$ j9 W+ T/ E, c- l( YParadigm Capital continues "buy", 12-month target price is $3.50 |
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