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Ear on the Street --- Jan. 16 20091 c, t' D; F4 U# I4 m
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Absolute Software (ABT : TSX : $3.36)" L! F) J- {1 p1 |+ r% m, u8 j
Bracing for a tough few quarters5 s' O4 _3 u. e! U: x
Canaccord Capital maintains "hold", 12-month target price is $4.50
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; H9 ]% R! I. g$ r, r9 ^Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
# Z- i4 S+ U; p8 ]$ }+ zGrowth outlook, challenging pipeline and high cost structure make future unclear
8 @' } | L' N6 [& dBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
7 { X d' j( a: G$ U" z/ g( hTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)
8 _+ b$ w7 @) o8 O. cReleased Q1/09 results: strong, in light of challenging operating environment W& i( J. i% `) z9 C+ u
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
4 K( y: p/ }0 J( e; M) ODesjardins Securities maintains "buy", 12-month target price is slashed to $28.006 y6 \& F3 f" o# A
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
* Y5 ?6 W5 Q, A, b" wRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00) {+ o z* U* N! N" a6 f
Scotia 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)9 J2 K" E5 N8 \. b& Y- I
Well positioned with gold production forecast to double this year and next
/ k n6 N. | y) C; j5 } |Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
9 j2 T0 F" S* \# }- Z9 X+ xTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00) q& @( r. n2 i9 v W
8 G2 k7 q% [& Z1 U6 bARC Energy Trust (AET.UN : TSX : $17.15)
4 d+ y" A/ j1 M2 nReduced distributions by 20%; capex also cut
$ O9 f0 q, I3 c7 u# \ J3 E$ [RBC Capital Markets continues "outperform", 12-month target price is $19.00
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- D& Q( W2 z' c% k O# _Andean Resources (AND : TSX : $0.75)% @, \3 s9 z3 E
Announced F09 outlook- N0 R- {0 m% S- y( h
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
* C ?. I. z) s- ]TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)1 ^# O' B W! I" n2 x8 O6 l: z
Rising challenges in Aerospace
% R) c& |+ H4 n) q/ v& kGMP Securities continues "buy", 12-month target price is $8.00: A. d) `+ P0 F1 x8 s
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Bank of Montreal (BMO : TSX : $31.84)
1 A6 Q6 r. g% U3 c [* p! l+ BAcquiring AIG's Canadian life insurance business
! v3 ~& M' a) z# S( `" E! ^% LTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)8 D# i" A) n+ S3 g; \' q. @4 ^
Q1 review: Canada results encouraging, but Portugal remains a drag! v; ]' P) e/ U8 M2 Q1 Y; ]4 D
BMO Capital Markets maintains "outperform", 12-month target price is $46.008 z! Q4 ^9 ?$ @- `
Desjardins Securities continues "top pick", 12-month target price is $40.00: s7 r4 S& b( K D( ^
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
2 M0 z& |0 T# H! H8 @9 G6 y) eScotia Capital Markets continues "sector outperform", 12-month target price is $55.005 r0 o9 t7 n" j2 d1 b$ h
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Corridor Resources (CDH : TSX : $2.45)
# k5 Z/ B8 R1 J YCapital budget set to expected cash flow; production guidance lowered
; v4 D4 h! d- c: k. XRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
* N7 v% V5 s5 ]5 X$ ~) H8 Z1 uStrong radio and cable drives 39% EPS growth) n# t7 J0 Y# V# [
Scotia Capital Markets continues "sector perform", 12-month target price is $45.002 R N% l- X: T" u3 y6 j B
7 o# Q6 `6 I/ u+ w! e( j" CCanWest Global Communications (CGS : TSX : $0.51)" d5 X9 ]2 p: N! X
Taking action to address tough operating environment
5 ^4 B7 g* l) cBMO Capital Markets maintains "underperform", no target price reported
8 j7 H; v+ W1 e7 ~- x# q6 O# I9 ZCredit Suisse maintains "neutral", 12-month target price is $1.00
; h/ v9 M7 F9 U) w r1 TGMP Securities continues "reduce", 12-month target price is $0.505 v2 ]$ u }: l5 G% M
RBC Capital Markets continues "underperform", 12-month target price is $0.75
, |# w* E! G O3 n; t/ hScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
+ b& h, l( ?: N* N# p$ J# o" o( wQ1 revenues in line, EPS beat
' G8 Y* X( _7 u- ]0 X+ I d, p3 ~BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
5 X- S) G) ~# B6 ~# V& ACredit Suisse continues "outperform", 12-month target price is $20.00
8 z/ j: }8 U1 b0 r) n. tDesjardins Securities maintains "buy", 12-month target price is lowered to $15.002 g% M/ T8 H0 d5 d- a* h6 @9 k
GMP Securities maintains "buy", 12-month target price is reduced to $17.00& s4 r. }7 ?4 @5 Z
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
7 y$ T8 ?" _" J G) M. hScotia Capital Markets continues "sector outperform", 12-month target price is $18.00. g6 u' w8 B- k J4 y$ X
* H3 X* C0 J& A JCalloway REIT (CWT.UN : TSX : $11.84)
5 h+ `/ e$ ^0 ^) l4 [9 MHeld investor day( y0 O0 X& H2 m2 G7 B w) v
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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& F" g& D% Q e" h4 l2 K8 \* sDaylight Resources Trust (DAY.UN : TSX : $7.77)1 H( O* H3 X) d2 M; I! K" o$ Q/ b1 O: {
Reduced distributions by 38%; guided for lower capex) Y `1 S" Z8 x4 g; ]& Y0 C
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.000 A# y6 B" l$ @* O- }* K) F
Dundee Capital Markets continues "buy", 12-month target price is $12.002 E( U5 _, f3 s
TD Newcrest continues "hold", 12-month target price is $7.50, V% t! B# o, m) H3 K2 p4 o4 _) i
; z7 g! ?. m; E- I. fEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
1 X. L3 e3 ` o( H3 wSteady market and currency tailwind
, }3 l1 y! @% V, wTD Newcrest maintains "buy", 12-month target price is US$5.007 u g# L: N! o. p) u5 A
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Goldcorp Inc. (G : TSX : $29.74): g$ |2 e/ c% M! Q: @5 s
Revised commodity forecasts0 }2 Q2 \: I4 a7 Y& F. v+ F
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00, b4 B: ? R4 z; W" S4 {' J0 @& h
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Heritage Oil (HOC : TSX : $3.77)0 ]1 A# Q* x0 {% ~6 t+ R
Announced Ugandan commerciality on exploration success. `- l/ L5 k6 m6 z* M( S
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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* k2 O* F7 Y, S* bHarry Winston Diamond (HW : TSX : $4.98)6 P0 c8 u5 m" m
Retail division suffers! f2 \# L1 [ u6 D ?9 E0 H
Desjardins Securities maintains "buy", 12-month target price is $12.60
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8 f$ E. f- ~" g% Q. w" ULaramide Resources (LAM : TSX : $1.84)
% Y9 Z% H( }/ u. ]Westmoreland provided more high grade at Redtree's Jack Lens7 x5 e3 ?* s' S0 S+ w$ O
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)+ Z. V7 J% W4 V3 j; S
Released Q3/09 results: very strong, focus should be on active backlog! N8 N8 H/ [5 M+ }1 Q ], X
GMP Securities continues "buy", 12-month target price is $9.00- Y1 v0 m. m( [* q) G$ f7 k7 N* ^) W
Raymond James maintains "market perform", 6-12 month target price is $8.25' n% }* `2 _6 u
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)6 q% J/ \. K$ L# H
Reduced distributions by 70%
; n: m. w" E/ G& _, PRBC Capital Markets maintains "outperform", no target price reported/ V8 M% W& t. s- ?' } T
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.504 z2 T) G5 `9 F0 \* t
?- K7 |' H, \3 C1 X; VMatrikon Inc. (MTK : TSX : $2.04)
% ?. u( ~4 y, ?5 P( [* P" c2 Q% zReleased Q1/09 results: a little light, but still respectable: P' s8 Q6 P& X
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.504 N$ B! c9 T Z g6 U
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
8 y( m; N+ o2 [Expecting lower CFPU on higher taxes
% G( _$ G' y& ^$ l3 m' oBMO Capital Markets continues "outperform", 12-month target price is $18.001 T+ i* J M1 }' ?
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
; Q1 a, k+ q* v! q& X' `TD Newcrest continues "buy", 12-month target price is $17.00 _. \8 b p2 c
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
; W- ]1 k6 y7 m3 J) X0 Z8 B) f4 zReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain" j+ n e! F7 C9 k3 d* |
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25! F% B& d; M$ i$ A3 M
Credit Suisse maintains "neutral", 12-month target price is US$1.00. t3 K1 f7 Q) |7 J* P p
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80, J8 ?0 r' w G7 g
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
; W, t) k5 x9 ]! t2 h- fDietary supplement business facing headwinds
" @: z' E6 @+ x fParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
+ Z: t: W3 U3 H# v/ RProvided operational update and F09 guidance
4 y4 O- p, i; ?1 \Haywood Securities continues "sector outperform", 12-month target price is $3.25
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& E9 Y- ^0 r4 OOsisko Mining (OSK : TSX : $3.13)6 i" O/ {/ S5 i8 W) j7 `: p
South Barnat resource around the corner! ^% _/ V& B' h3 |3 b
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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" u* A, T2 C# ^1 v' M4 ~Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
# r! n" t: [7 h2 \7 B, |Provided operational update
, [3 E" w0 _2 p A# @- a2 a6 wBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
]6 e1 d1 r; J. cTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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. ~9 M9 {4 h3 n" p" M: zParamount Resources (POU : TSX : $7.85)9 n& r( Z$ U" h- U0 w. z
Provided operational update: Grande Prairie emerging as the key focus for F09
# j2 I U: M3 L' y3 |- O0 z7 cGMP Securities maintains "buy", 12-month target price is $12.00
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8 ^6 g0 T& o( aRockwell Diamonds (RDI : TSX : $0.07)
3 X, @8 T W. q; o, @4 E& [Operations starting to turn the corner
& j( Y9 f8 e0 m* v% C4 D. ~2 j4 J+ |RBC Capital Markets maintains "outperform", no target price reported9 z$ f" P3 q3 g! e1 j+ R
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Shaw Communications (SJR.B : TSX : $20.13)
8 r9 n4 C7 X: {: v' TReleased Q1/09 results: in line, subscribers ahead0 Z$ W% S1 |& ]9 v
Credit Suisse maintains "neutral", 12-month target price is $25.50 i7 ?- i, ^5 A, m% s" }
GMP Securities continues "buy", 12-month target price is $26.50% ?; h, l: U8 m* r9 w9 H+ Z3 ]
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
4 c4 ^# F& c5 aHeld a sell-side lunch showcasing new U.S. team
: h; q5 k8 S5 K+ z- GScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)! O; c1 W1 F. W2 R2 V0 ^" u$ u
Awarded Russian contracts! R! ^2 v2 t: B& }; ~) O" e) V
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
; c' n, X8 C+ `Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
' c4 I" [2 I) Q# p# @- b5 R6 bRBC Capital Markets maintains "sector perform", 12-month target price is $10.00# a5 A) i% w' C6 U f( l
! ]8 a6 |. p- t0 _3 T$ L# bSino-Forest Corp. (TRE : TSX : $8.93)/ U! b! l% j: R6 k: T
Chinese furniture exports rose in November4 ~7 R/ b( j- k8 l, f6 b
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)0 S' X: Y4 |( Y3 O1 s
Shea Creek's two largest deposits have become one
$ X: V: H; C7 r9 N! eDundee Capital Markets maintains "buy", 12-month target price is $2.75' h! a$ P; E U2 p
+ i2 |$ J" x% @, ~% UVero Energy (VRO : TSX : $4.72)
- d2 q3 q1 a6 f6 Z$ `7 ^ o) c2 }Released Q4/08 results: horizontal focus to continue in F09# u, a$ A% [0 _: S
Dundee Capital Markets continues "buy", 12-month target price is $8.00) I# m! h# e$ R C: r
GMP Securities continues "buy", 12-month target price is $7.50
5 @' ^# F. _5 A5 tParadigm Capital continues "buy", 12-month target price is $12.00: P4 I' S* w! M* t. h
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)8 s9 u o" |( R i, S- }
Hit homerun with Samsung4 x5 f# K( e& B$ c/ b
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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