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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
7 n7 q7 A( O# ]" eBracing for a tough few quarters
- R7 V% O" ~( ~; y; ^6 dCanaccord Capital maintains "hold", 12-month target price is $4.50
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2 W5 a+ P! _- q: {+ m, U8 h2 QBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
* z/ i4 y" p( \4 d. d' sGrowth outlook, challenging pipeline and high cost structure make future unclear
k7 b. `. r0 b# ~5 ]Blackmont Capital continues "hold", 12-month target price is lowered to $48.009 n: L, T& y. @
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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6 c# X& q; d) K2 CAstral Media (ACM.A : TSX : $22.98)
; R8 l5 ^0 F1 I9 y2 cReleased Q1/09 results: strong, in light of challenging operating environment
$ ~0 e9 }$ o- mBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
2 t+ D# ]1 n0 l) LDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00) o! u& \9 B$ E7 F1 |% H4 f9 O
GMP Securities maintains "buy", 12-month target price is reduced to $30.009 l2 b0 C1 G6 h9 S( \0 n
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
( U* D6 m [% C D! eScotia 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$45.07)
5 I9 E o& Z* n) iWell positioned with gold production forecast to double this year and next$ g2 C% j) T$ I4 K3 G' e
Blackmont Capital continues "buy", 12-month target price is lowered to $83.009 i, K- i: r! Z1 s9 S* c: g% e
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.004 ~# |9 ~4 N1 ~. _, |
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ARC Energy Trust (AET.UN : TSX : $17.15)
B+ M9 K2 C4 U& v UReduced distributions by 20%; capex also cut4 s- w5 d4 H4 w1 F% e' T3 P
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)6 S& j- A& }4 C% Q6 @
Announced F09 outlook
$ ^ g: f) i+ ~0 @" I7 ~1 b: U dParadigm Capital continues "speculative buy", 12-month target price is $2.25- }: c6 N, Z6 ?0 S6 Q9 o1 ?' Y
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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( A% R+ ]! r U3 OBombardier Inc. (BBD.B : TSX : $4.65)
( [6 }+ e7 B8 a* S/ P5 b& y5 uRising challenges in Aerospace
; N6 |7 Y& ?, H$ JGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
* G' @1 F) W# s. Z0 q" r+ Y q( {4 w2 DAcquiring AIG's Canadian life insurance business. |" b& A8 o1 D$ u* J
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
- R5 I) R' N) x( l( E) G8 t6 c+ IQ1 review: Canada results encouraging, but Portugal remains a drag
1 M4 H% Y" @4 T4 J3 l' PBMO Capital Markets maintains "outperform", 12-month target price is $46.00
* A5 z+ @% S. M5 n, KDesjardins Securities continues "top pick", 12-month target price is $40.001 h% ~- G4 x6 \% M+ O5 C
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
( j E) G! Q. yScotia Capital Markets continues "sector outperform", 12-month target price is $55.00: L" D& I% B+ m% i
. X- K: O1 N) _7 yCorridor Resources (CDH : TSX : $2.45)
8 ?, W% p5 P ?; I* [2 ]Capital budget set to expected cash flow; production guidance lowered/ T0 r+ \# x3 v
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
$ a. D- h. U- Y: uStrong radio and cable drives 39% EPS growth
2 B5 @3 p4 H L# ~( bScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51) c: H# G$ \; r; D1 E3 e: G6 e, D; R
Taking action to address tough operating environment
. e( y. A# A, \BMO Capital Markets maintains "underperform", no target price reported
* T: o1 e7 @4 m( P0 GCredit Suisse maintains "neutral", 12-month target price is $1.00& Q, ^) g: M$ l# e' A0 s
GMP Securities continues "reduce", 12-month target price is $0.50/ w% w% e( B K i9 \( u
RBC Capital Markets continues "underperform", 12-month target price is $0.75
0 e% z6 v# E L H( `1 KScotia Capital Markets continues "sector underperform", 12-month target price is $0.50! @( [% `/ R, a% P- e& _4 g6 q
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Corus Entertainment (CJR.B : TSX : $12.47)' q5 `3 A* g4 h7 z6 U2 ]
Q1 revenues in line, EPS beat
$ y' ^" e" o/ u3 u. W! D6 E, eBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00 ~" q& V( i! ^- P3 `
Credit Suisse continues "outperform", 12-month target price is $20.00
4 u7 f/ s; N' D+ h, G* @, U! dDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00/ L1 U7 q; c, W% h- ^' @
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
, T5 W, M: d8 J1 mRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50% `4 U& I8 s) }# X1 K' b
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00* L0 Q* ]" Q' v/ x6 M0 O
. q: V2 j0 x! ^Calloway REIT (CWT.UN : TSX : $11.84)7 G& F! E9 b% L
Held investor day/ n1 s* ~; P( i5 z
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00' S3 M4 {$ a( ~/ r. Y6 B, U4 l7 y- I- E
2 F! _: J* x. A2 _) A8 `- FDaylight Resources Trust (DAY.UN : TSX : $7.77)
4 r6 o0 K3 j: [( E8 ]. OReduced distributions by 38%; guided for lower capex
2 q. h0 \: H* a2 j. b; `BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
5 ~( j* ?' L" X. F3 gDundee Capital Markets continues "buy", 12-month target price is $12.00
# @3 y5 z% d0 C5 g, n( yTD Newcrest continues "hold", 12-month target price is $7.50' p1 z7 V, Q9 b( h7 j$ ]( h2 n
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)9 x4 ~( E1 l/ v) k5 D
Steady market and currency tailwind
6 G0 A1 L& Y% X3 e, p! dTD Newcrest maintains "buy", 12-month target price is US$5.00
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( l- S- ? y9 T4 xGoldcorp Inc. (G : TSX : $29.74)$ H4 F( g# l. ?& e2 R
Revised commodity forecasts
/ r. q/ Z- d! t8 l% V4 N0 aBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00. O4 D3 y* e" V' D* ^9 q
8 T7 X. v- v' f8 jHeritage Oil (HOC : TSX : $3.77)
: x" J# m* e4 S& i& H" qAnnounced Ugandan commerciality on exploration success
9 M! S% x* w5 n* d8 ?. E; l7 lTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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! U. V5 j- y* L: D- bHarry Winston Diamond (HW : TSX : $4.98)
; k* c; p8 {# y. l) dRetail division suffers
; \! z! p; _; o) t8 e" D3 CDesjardins Securities maintains "buy", 12-month target price is $12.60( a7 C& e* d' i! t1 G K$ K
/ h4 |% t% F! qLaramide Resources (LAM : TSX : $1.84)
+ B. O% q, U( u& n' bWestmoreland provided more high grade at Redtree's Jack Lens
' k, J9 ?# ]) ?Dundee Capital Markets continues "buy", 12-month target price is $2.300 e6 {8 v K/ X T2 h
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Lockerbie & Hole (LH : TSX : $6.00)! x9 S$ z$ o7 _( s1 N
Released Q3/09 results: very strong, focus should be on active backlog! T' O3 P k6 `/ k* D5 v
GMP Securities continues "buy", 12-month target price is $9.006 L/ W1 w5 p( ?0 g- j5 \( t
Raymond James maintains "market perform", 6-12 month target price is $8.25
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& U/ t1 N) c/ p2 u9 RLivingston Intl Income Fund (LIV.UN : TSX : $6.00)/ _& ~ U" f# N
Reduced distributions by 70%
: p1 V& k! x7 Y) n* r- G$ |! ORBC Capital Markets maintains "outperform", no target price reported
) z& y. p' K3 Z+ FScotia Capital Markets continues "sector underperform", 12-month target price is $6.506 J% s' j* x# B6 {! O0 E$ X
# V; c4 k( N6 c, PMatrikon Inc. (MTK : TSX : $2.04): w. u# `4 B: E: t. L, c2 X# J8 I/ Z
Released Q1/09 results: a little light, but still respectable- L/ A$ `( J" f1 S
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
+ I4 Q. N, a; k$ U' @3 PParadigm Capital maintains "buy", 12-month target price is $4.001 L. v8 o6 N* R
# F! o4 ^; @8 b3 [7 d \) s% ?Mullen Group Income Fund (MTL.UN : TSX : $10.97)) X. s3 X8 ^. _8 |; ~7 l
Expecting lower CFPU on higher taxes
% V' W3 z# n) S4 B- z! KBMO Capital Markets continues "outperform", 12-month target price is $18.00
! i$ {0 j9 \/ C; y7 u+ x% qRBC Capital Markets continues "sector perform", 12-month target price is $12.00: g+ ?' Q+ p/ ~$ ^. o
TD Newcrest continues "buy", 12-month target price is $17.00
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( R4 l) x8 b: _% G9 F1 }Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)9 s# ~4 w( h5 [* {; U$ y( V% c
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain+ P- m! }, W0 V7 O- S& v0 \3 L
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25- |7 M- N4 p$ L6 a+ {
Credit Suisse maintains "neutral", 12-month target price is US$1.002 {4 @3 Z; ?* _
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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! o' i0 l) _9 ~; @8 m! VNeptune Tech & Bioresources (NTB : TSX-V : $0.79)! [/ Z9 ~/ a) N9 M0 K5 j: U
Dietary supplement business facing headwinds
1 D9 R7 F2 R& TParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)* y, n* n* Q2 X( x6 y
Provided operational update and F09 guidance
) A6 Q1 U+ O0 XHaywood Securities continues "sector outperform", 12-month target price is $3.25% ]0 v( J `- Q+ K( M6 ]
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Osisko Mining (OSK : TSX : $3.13)
/ z7 p: v3 @$ M0 w: N( I0 |South Barnat resource around the corner
v; r1 g, @* L ~1 H2 X1 {Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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5 A" a7 U: |/ W( O/ ?Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
Z; B( V) z& M. S% V" QProvided operational update
. r, O- M n" h3 y6 g- W, P4 v4 Q; WBlackmont Capital maintains "hold", 12-month target price is lowered to $19.009 U# w7 K0 g! F) n1 V0 J. R
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50* j1 I% B! u% c/ N8 U. ]0 t8 E1 q( z
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Paramount Resources (POU : TSX : $7.85)5 b. p/ J$ G9 i
Provided operational update: Grande Prairie emerging as the key focus for F09
& Z5 _0 Y+ n+ j' CGMP Securities maintains "buy", 12-month target price is $12.003 T+ a/ M: L9 y' l* F' `1 C( U
R# K. l! A; g7 j2 r- aRockwell Diamonds (RDI : TSX : $0.07)
. T6 p7 g q" D# W1 C4 [6 s; D# ]Operations starting to turn the corner) F5 o+ J" c# t7 D0 J' P% z
RBC Capital Markets maintains "outperform", no target price reported# r/ G. }1 L! }! t! `6 y" q
. A7 h' ?1 Y# ~/ zShaw Communications (SJR.B : TSX : $20.13)
2 w2 J/ z, X/ n7 n' A( `9 o2 Q4 dReleased Q1/09 results: in line, subscribers ahead: S& q7 }9 Z7 J7 T/ {' }
Credit Suisse maintains "neutral", 12-month target price is $25.50) b. A2 j! C9 L8 V
GMP Securities continues "buy", 12-month target price is $26.50
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- x3 U; N* ]- `8 v- g2 B$ PSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
. _4 | w. e+ @* T2 aHeld a sell-side lunch showcasing new U.S. team8 m+ M3 M& _# G7 c4 @
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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: y% {, r" Q: f$ r" e+ qTrican Well Service (TCW : TSX : $6.93)
c* @: t, U, A @8 `; K$ @Awarded Russian contracts! B7 _1 V% `$ L( Z/ [# f
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75; e- N# A; u9 F9 |2 u6 J
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00" g: d1 h# |! [& z- f, l
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00" x. ], E4 |! g# r8 O5 k1 d* e
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Sino-Forest Corp. (TRE : TSX : $8.93)& D w& N, E9 g% G; U
Chinese furniture exports rose in November. m& Y/ L% N; s* K2 ?
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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, z' d2 s3 u/ u; H ]$ @3 jUEX Corp. (UEX : TSX : $0.88)
+ z4 ?% e$ ^$ o8 ^, @& Z" L" y, iShea Creek's two largest deposits have become one# K6 w$ t6 g* h
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)3 f8 J# Z. l8 \6 s0 B" T
Released Q4/08 results: horizontal focus to continue in F09& S6 J& I6 R5 B# f
Dundee Capital Markets continues "buy", 12-month target price is $8.00" L, r' \7 M3 w& U/ D
GMP Securities continues "buy", 12-month target price is $7.50( k5 s0 Z; Y* ~5 n6 ]2 r
Paradigm Capital continues "buy", 12-month target price is $12.00
4 l' M- I5 A1 P/ q& @RBC Capital Markets maintains "outperform", 12-month target price is $8.500 Q2 ^# E+ F% ]1 U: e" b
; Z, L$ N% c s& E3 x( u8 lWi-Lan Inc (WIN : TSX : $1.75)
2 J5 p" o( \6 r0 |9 jHit homerun with Samsung# `& Y% n# N7 b
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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