Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Russell sign beer deal with B.C. Lions, B.C. Place
2007-05-07 06:42 MT - News Release
Ms. Angie Harris reports
RUSSELL BREWING, BC LIONS AND BC PLACE INK DEAL
The reigning Grey Cup champion B.C. Lions football club, B.C. Place and British Columbia's fastest-growing brewery, Russell Breweries Inc.'s Russell Brewing Company, reached a landmark three-year partnership agreement today, making the local brewery the official beer of the B.C. Lions and B.C. Place.
Beginning with the club's preseason home game on Friday, June 15, versus the Saskatchewan Roughriders, B.C. Place will be carrying a variety of Russell products including the Russell extra special lager and Russell pale ale.
"We are extremely proud to support the B.C. Lions," said Andrew Harris, president of Russell Brewing Company. "B.C. Place, home of the B.C. Lions, will be the first CFL stadium in the country to depart from a mainstream brand and align itself with a local specialty brewery. The B.C. Lions are an incredible team with devoted fans and it is an absolute privilege to support them."
"I am very pleased to have Russell Brewing Company join our roster of partners," said Lions president and chief executive officer, Bob Ackles. "This relationship further demonstrates our commitment to exceptional, locally owned companies, while providing outstanding quality in every aspect of the football fan's experience at B.C. Lions home games."
"We're always looking at innovative ways to increase customer satisfaction at B.C. Place," says Graham Ramsay, director of business development for B.C. Place. "This three-year deal is good news for the local economy and for our fans who are looking for quality products to round out a great experience here in the dome for all our events."
The Bear Strikes Back!
A 6.7% increase in Crude Oil (following the detainment of British Soldiers in Iran), and FED Chairman Bernake’s comments that “uncertainties have risen” pulled down global markets this week.
Although positive news continues to come out of Asia and Europe (notably Germany), the US continues to disappoint. A decrease in consumer confidence on Wednesday coupled with Thursday’s Personal Consumption and GDP figures and The FED’s inflation concerns saw the dollar soar, but markets falter. Economists have argued that Asian growth could fill the void created by the US slowdown, but with many of these “export centered” countries so heavily reliant on the US consumer this is unlikely until sufficient internal demand is created.
Currency trading again centered on the Yen that is again being borrowed to finance Carry Trades. Interestingly, currency traders took considerable interest in the Icelandic Central Bank’s rate decision this week and a probable decrease in interest rates (from 14.25%) resulted in large scale options trading to protect against this. The Icelandic Krona is the world’s second best performing currency against the dollar this year.
As previously mentioned, the fate of the 15 British sailors held captive in Iran will dictate crude prices going forward. Sly Iranian diplomacy has placed the UK in the unenviable position of having to admit “entering Iranian waters” to secure their citizen’s immediate release. We hope for sense to prevail and will be monitoring the situation closely.
As we reach the end of the first quarter, speculation exists that prices have been pushed to artificially high levels for reporting purposes and the above mentioned geopolitical factors compound the prevailing uncertainty.
Kind Regards,
The Global Trader Team
Undervalued Stock #2 ========== --- Freeport McMoRan Copper & Gold Inc. (NYSE: FCX) --- Insider Name: Robert DayInsider Position: DirectorInsider Action: 200,000 shrs on 3/26/2007Insider Total Holding: 1,131,954 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 9.86 (Industry Average 12.22)P/S Ratio = 3.77 (Industry Average 3.85) Industry: Oil & Gas Pipelines -------------------------------------------------------Other Merits... Dividend Yield = 1.90%Exceeded Analysts' Estimates for Past 5 Quarters --- Freeport McMoRan Copper & Gold Inc. (NYSE: FCX)
Undervalued Stock #1 ========== --------- Chesapeake Energy Corp. (NYSE: CHK) --------- Insider Name: Aubrey K. McClendonInsider Position: ChairmanInsider Action: 200,000 shrs on 3/22/2007 to 3/23/2007Insider Total Holding: 27,214,876 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 7.1 (Industry Average 15.1)P/S Ratio = 1.95 (Industry Average 4.70)P/B Ratio = 1.53 (Industry Average 2.73)P/CF Ratio = 4.20 (Industry Average 8.60) Industry: Independent Oil & Gas -------------------------------------------------------Other Merits... Dividend Yield = 0.80%Exceeded Analysts' Estimates for Past 5 Quarters --------- Chesapeake Energy Corp. (NYSE: CHK)
Ear on the Street
Aurelian Resources (ARU : TSX : $30.89)
FDN yields 250 metres of 35.1g/t gold
Blackmont Capital maintains a "speculative buy", 12-month target price is $48.35
Canaccord Adams maintains a "speculative buy", target price cut to $45.50
ATS Automation Tooling Systems (ATA : TSX : $8.55)
Photowatt IPO withdrawn
Blackmont Capital maintains a "hold", 12-month target price is cut to $8.20
CIBC World Markets maintains a "sector outperform", target price raised to $13.00
Credit Suisse maintains a "neutral", target price cut to $9.00
Raymond James maintains a "market perform", 6-12 month target price cut to $9.00
Aur Resources (AUR : TSX : $23.52)
Strength in copper market continues
Desjardins Securities reiterates "buy", target price is $26.85
Artis REIT (AX.UN : TSX : $16.27)
Alberta to drive growth
CIBC World Markets maintains a "sector outperform", target price is $19.00
Desjardins Securities upgrades to "top pick", target price raised to $18.82
Blue Pearl Mining (BLE : TSX : $12.21)
Posts very impressive cash flow from operating activities
GMP Securities maintains a "buy", target price raised to $14.00
Bonterra Energy Income Trust (BNE.UN : TSX : $26.80)
Despite slightly disappointing Q4 results, outlook remains solid
CIBC World Markets maintains a "sector outperform", target price raised to $30.00
Carfinco Income Fund (CFN.UN : TSX : $3.80)
Disappointing fourth-quarter results, outlook remains solid
Blackmont Capital maintains a "speculative buy", 12-month target price is cut to $4.50
GMP Securities maintains a "buy", target price is $4.85
Centerra Gold Inc. (CG : TSX : $10.53)
Political developments in Krygyz Republic come as little surprise
RBC Capital Markets maintains a "outperform", target price is $19.00
Compton Petroleum (CMT : TSX : $11.75)
$10 million loss in Q4
Scotia Capital Markets maintains "sector underperform", 12-month target price is cut to $11.50
Countryside Power Income Fund (COU.UN : TSX : $9.71)
Continues strategic review process
CIBC World Markets maintains a "sector perform", target price is $10.00
Desjardins Securities upgrades to "buy", target price raised to $11.00
RBC Capital Markets maintains a "outperform", target price is $10.50
Canadian Sub-Surface Energy (CSE : TSX : $3.40)
Posts weak fourth-quarter results
Raymond James maintains a "strong buy", 6-12 month target price cut to $5.50
Cognos Inc. (CSN : TSX : $46.51 | COGN : NASDAQ : US$40.11)
Expecting strong Q4/06 results and growth to continue in 2007
CIBC World Markets maintains a "sector outperform", target price is US$50.00
RBC Capital Markets reiterates "outperform", target price is US$48.00
Descartes Systems Group (DSG : TSX : $5.05 | DSGX : NASDAQ : US$4.39)
February data represents second consecutive month of increase in U.S. trucking indices
GMP Securities reiterates "focus buy", target price is $7.00
Emergis (EME : TSX : $6.13)
Health division to drive growth
Desjardins Securities initiates coverage with a "buy", 1-year target price is $7.50
FUN Technologies (FUN : TSX : $3.00)
Posts in line fourth-quarter results
CIBC World Markets maintains a "sector outperform", target price is $7.00
Gildan Activewear (GIL : TSX : $69.32 | NYSE : US$59.73)
Moving production offshore
Desjardins Securities maintains "buy", 12-month target price is $82.00
Raymond James maintains "strong buy", 12-month target price is US$70.00
RBC Capital Markets rates "outperform", 12-month target price is US$68.00
Goldcorp Inc. (G : TSX : $28.65)
Landowners block access road
Blackmont Capital rates "buy", 12-month target price is $37.50
Quebecor World (IQW : TSX : $14.45 | NYSE : US$12.46)
Meredith Corp decides to close Child magazine
Desjardins Securities maintains "sell", 12-month target price is US$11.00
Jaguar Mining Inc. (JAG : TSX : $6.18)
Q4/06 results reported
RBC Capital Markets rates "outperform", 12-month target price is $10.00
MEGA Brands (MB : TSX : $26.08)
Reports results Friday
RBC Capital Markets rates "outperform", 12-month target price is $30.00
Magna Entertainment (MEC.A : TSX : $4.05)
Selling non-core assets
GMP Securities maintains "buy", 12-month target price is $6.05
Miranda Technologies (MT : TSX : $11.05)
Decline in financial performance
Raymond James downgrades to "market perform", 12-month target price is cut to $13.00
TD Newcrest maintains "hold", 12-month target price is cut to $13.00
Newport Partners Income Fund (NPF.UN : TSX : $6.14)
Sells RGC
Blackmont Capital rates "sell", 12-month target price is $5.50
RBC Capital Markets rates "underperform", 12-month target price is $6.15
Excel-Tech Ltd. (NRV : TSX : $1.75)
An attractive takeover target
Raymond James upgrades to "outperform", 6-12 month target price is $2.00
Progress Energy Trust (PGX.UN : TSX : $12.69)
Strengthened by acquisition
CIBC World Markets maintains a "sector perform", target price raised to $14.00
Raymond James rates "strong buy", 12-month target price is $15.75
Peerless Energy (PRY.A : TSX : $3.35)
Year-end results
Canaccord Capital rates "buy", 12-month target price is $5.00
Quadra Mining Ltd. (QUA : TSX : $8.90)
High-yield debt to pay for Carlota
RBC Capital Markets maintains "sector perform", 12-month target price is $10.50
QuStream (QVC : TSX-V : $1.52)
Mixed bag of Q4/06 results
Blackmont Capital maintains a "hold", 12-month target price is $2.00
Sun Life Financial Inc. (SLF : TSX : $52.64 | NYSE : US$45.40)
To retire Clarica brand
GMP Securities maintains "buy", 12-month target price is $57.50
SNC-Lavalin Group (SNC : TSX : $33.21)
Q1 negatively impacted by a forecasted loss on a major power project
Scotia Capital Markets maintains "sector outperform", 12-month target price is cut to $37.00
Somerset Entertainment (SOM.UN : TSX : $2.73)
Q4 exceeds expectations
RBC Capital Markets maintains "sector perform", 12-month target price is $3.00
Tahera Diamond (TAH : TSX : $1.09)
Q4 results below expectations
GMP Securities maintains "buy", 12-month target price is $1.45
Teranet Income Fund (TF.UN : TSX : $9.61)
Q4 preview
CIBC World Markets maintains "sector outperform", 12-month target price is $9.75
Trafalgar Energy (TFL : TSX : $4.19)
Positive 2006 year-end results
Blackmont Capital maintains a "buy", 12-month target price is $5.00
Canaccord Adams maintains "buy", 12-month target price is $5.00
UTS Energy (UTS : TSX : $4.20)
Updates winter drilling program
TD Newcrest maintains "buy", 12-month target price is $5.00
Wi-Lan Inc (WIN : TSX : $6.25)
To acquire Tri-Vision
Haywood Securities maintains "sector outperform", 12-month target price is $7.75
WestJet Airlines (WJA : TSX : $15.07)
Harmony Airways discontinues scheduled flight service
Canaccord Adams maintains "buy", 12-month target price is $18.25
Desjardins Securities maintains "buy", 12-month target price is $17.50
Ear on the Street
AGF Management (AGF.B : TSX : $34.75)
Strong first quarter
CIBC World Markets rates "sector outperform", 12-month target price is raised to $39.00
Credit Suisse rates "outperform", 12-month target price is $40.00
GMP Securities rates "buy", 12-month target price is $41.00
TD Newcrest maintains "hold", 12-month target price is raised to $34.00
Anatolia Minerals Dev Ltd (ANO : TSX : $5.98)
Encouraging results at Copler
Haywood Securities rates "sector outperform", 12-month target price is $6.90
Raymond James maintains "outperform", 12-month target price is $7.00
Atlantic Power (ATP.UN : TSX : $10.93)
Released Q4/06 results
RBC Capital Markets rates "sector perform", 12-month target price is $11.25
Avenir Diversified Income Tr. (AVF.UN : TSX : $7.25)
Strong Q4 results
Blackmont Capital maintains "buy", 12-month target price is $8.50
Bombardier Inc. (BBD.B : TSX : $4.68)
Reorted Q4/06 results
Desjardins Securities maintains "hold", 12-month target price is $ 4.95
RBC Capital Markets rates "underperform", 12-month target price is $4.00
Bank of Nova Scotia (BNS : TSX : $53.89)
Opening representative office in Istanbul
Blackmont Capital maintains a "buy", 12-month target price is $61.00
Custom Direct Income Fund (CDI.UN : TSX : $8.37)
Announces new business line
TD Newcrest maintains "buy", 1-year target price of $10.00
CanWest Global Communications (CGS : TSX : $10.90)
TEN results above expectations
GMP Securities maintains "hold", 12-month target price is raised to $11.50
Clean Power Income Fund (CLE.UN : TSX : $5.22)
No surprises in Q4 results
Canaccord Capital rates "hold", 12-month target price is $ 5.70
Cardiome Pharma (COM : TSX : $11.36)
2007 expected to be volatile
RBC Capital Markets rates "outperform", 12-month target price is $15.00
Canadian Tire Corporation (CTC.A : TSX : $74.30)
Well executed growth strategy
RBC Capital Markets rates "outperform", 12-month target price is $85.00
Denison Mines Corp. (DML : TSX : $13.79)
Looking for strength to continue
Raymond James upgrades to "outperform", 6-12 month target price raised to $15.50
EXFO Electro-Optical Engin. (EXF : TSX : $7.16 | EXFO : NASDAQ : US$6.17)
Fiscal 2007 second-quarter earnings expected April 3
Desjardins Securities maintains a "buy", target price is $10.25
Finning International (FTT : TSX : $53.56)
Share buyback program seen as a positive
RBC Capital Markets rates a "outperform", target price is $55.00
Gennum Corp. (GND : TSX : $12.10)
First quarter results slightly below expectations
Blackmont Capital maintains a "hold", 12-month target price is $14.00
Raymond James maintains a "outperform", 6-12 month target price is $16.50
Galleon Energy (GO.A : TSX : $17.05)
Released Q1 2007 operations update
RBC Capital Markets maintains a "outperform", target price is $21.00
Cdn. Hotel Income Properties (HOT.UN : TSX : $15.01)
Looking for alternatives
RBC Capital Markets maintains "sector perform", 12-month target price is $17.00
Highpine Oil & Gas (HPX : TSX : $13.73)
Analyst discussion focused on pressure maintenance in the Pembina Nisku play
RBC Capital Markets rates a "outperform", target price is $19.00
Heroux-Devtek Inc. (HRX : TSX : $9.10)
Five year contract from Lockheed Martin
CIBC World Markets rates "sector underperform", 12-month target price is $7.10
Iteration Energy (ITX : TSX : $5.70)
Fourth-quarter results meet expectations; downgrade due to recent price appreciation
RBC Capital Markets downgrades to "sector perform", 12-month target price is raised to $6.00
Livingston Intl Income Fund (LIV.UN : TSX : $20.30)
Concerns exist going forward
Blackmont Capital maintains a "hold", 12-month target price is $19.00
MGM Energy (MGX : TSX : $4.35)
Another dry hole
TD Newcrest maintains a "speculative buy", 12-month target price is cut to $6.50
Medisys Health Group (MHG.UN : TSX : $8.50)
Reports Q4/06 Friday morning
Blackmont Capital rates "hold", 12-month target price is $8.00
Metallica Resources (MR : TSX : $5.55)
High grade copper-gold mineralization intersected at La Fortuna deposit, Chile
Canaccord Adams maintains a "speculative buy", target price is $6.30
New Flyer Industries Inc. (NFI.UN : TSX : $9.15)
Expecting good things in 2007
CIBC World Markets upgrades to "sector outperform", target price raised to $10.00
NuVista Energy Ltd (NVA : TSX : $15.00)
Financial position increased
Blackmont Capital maintains a "buy", 12-month target price is raised to $18.00
Paramount Resources (POU : TSX : $20.35)
Another dry hole for MGM energy
RBC Capital Markets maintains "sector perform", 12-month target price is $21.00
Patheon Inc. (PTI : TSX : $4.78)
Debt restructuring
TD Newcrest maintains "hold", 12-month target price is $5.50
ProEx Energy Ltd. (PXE : TSX : $15.30)
Acquisition of assets in B.C.
Canaccord Adams maintains "buy", 12-month target price is raised to $17.00
Reitmans (Canada) (RET.A : TSX : $21.59)
Q4 beats expectations
TD Newcrest maintains "buy", 12-month target price is $25.00
Rio Narcea Gold Mines (RNG : TSX : $4.62)
Q4 shows 20% loss in reserves
Desjardins Securities maintains "hold", 12-month target price is $5.00
Sears Canada (SCC : TSX : $28.04)
2006 annual report filed yesterday
CIBC World Markets maintains "sector underperform", 12-month target price is $24.00
Stoneham Drilling Trust (SDG.UN : TSX : $18.45)
A defensive growth opportunity
Canaccord Adams initiates coverage with a "buy", target price is $23.00
Sunrise Senior Living REIT (SZR.UN : TSX : $16.60)
Unitholder meeting to consider the merger with Ventas postponed
RBC Capital Markets maintains "sector perform", 12-month target price is $16.50
Teranet Income Fund (TF.UN : TSX : $9.45)
Q4 to be reported today
Blackmont Capital maintains "buy", 12-month target price is $10.50
Theratechnologies (TH : TSX : $8.29)
Q1 loss due to high R&D expenses
RBC Capital Markets maintains "underperform", 12-month target price is $5.50
True Energy Trust (TUI.UN : TSX : $5.68)
Two proposed plans to vote on
Canaccord Capital ratings and targets are "under review"
WestJet Airlines (WJA : TSX : $15.12)
Ready for significant share appreciation
RBC Capital Markets maintains "outperform", 12-month target price is $22.00
TSX Group (X : TSX : $49.89)
Partnership with ICE
CIBC World Markets maintains "sector outperform", 12-month target price is $60.00
Yellow Pages Income Fund (YLO.UN : TSX : $13.64)
Apax Parnters acquired 49.9% of Trader Media Group
Blackmont Capital maintains "buy", 12-month target price is $14.00
Weekly Update April 1, 2007
--------------------------------------------------------------------------------
Bioscrypt (BYT.T $0.87)
www.bioscrypt.com
Industry: Biometrics & 3D Facial Imaging for Physical & Logical Access Control, Time and Attendance, and Civil ID. Sectors include Transportation. Government, Banking and Healthcare / Revenue for 2006: $17 million
Shareholders include: Motorola, Tako Ventures (owned by Larry Ellison - billionaire CEO of Oracle), Logitech (the leading computer peripherals manufacturer), NTT Leasing (financial subsidiary of Japan's NTT Group), and Singapore Technologies (a leading technology- based multinational conglomerate) - this group own approx. 32% of Bioscrypt.
World's first 3D face recognition camera for PC's
Bioscrypt is one of the techs we're following as a play on the security and biometrics industry in 2007. On March 28th they announced an industry first that could lead to tremendous growth opportunities in 07/08 and at this stage, the potential has not been recognized by investors.
BYT has developed the world's first 3D face recognition camera for use in authenticating individuals accessing a computer. The VisionAccess 3D DeskCam performs both verification and identification operations through a split second scan of 40,000 identification points. The camera accommodates varying poses of the head, as well as a wide range of lighting conditions, to provide a convenient, non-contact method of authentication with a high level of accuracy that is already being used in their commercial applications such as banks, airports, etc. It will meet a significant demand for hands free and secure authentication solutions that does not require users to remember passwords, tokens or cards to log on to their computer.
The 3D DeskCam can be setup quickly and easily through a USB port and is scheduled to be released in the second half of 2007 with a target price of US$350. This price could be reduced to around US$200 if produced in larger volumes.
Size of the Market
This is an entirely new security application for both business and personal use so the size of the market is tough to estimate. If however it takes off, we could see explosive growth for Bioscrypt when you consider the size of the personal computer (PC) market.
The number of PC shipments worldwide is projected to touch 300 million units in 2009, while the value of shipments will be $250 billion (2006 was estimated at 255 million new machines). This does not account for significant growth potential in emerging countries like India and China.
If volumes enable them to drop the price to US$200 and they can even secure 500,000 users worldwide annually, revenue jumps to $100 million. At 1/2 this the numbers are still impressive but if they can land alliances with major computer manufacturers and if the product becomes acceptable mainstream (both for corporate, small business or home use), then the growth potential becomes dramatic - particularly when you consider their 2006 revenue was $17.6 million.
New PC shipments strictly for business application are in the range of 70 million annually and this new authentication technology could prove very popular amongst this segment.
What is interesting is that the camera can also be used as a webcam and recently Logitech became a shareholder of Bioscrypt when BYT acquired industry leader A4Vision. Logitech dominates the global market for webcams so it will be quite interesting to see how this plays out over the next 12 to 18 months as Bioscrypt should have the security side of this market locked up.
About VisionAccess 3D
The webcam looking device looks for identification points to verify authenticity, and is capable of not only accounting for facial hair but even distinguishing between identical twins. The technology works with a glance and within a fraction of a second to allow access to applications, networks, websites, etc. It uses the same technology as Bioscrypt (and A4Visison their recent acquisition) have already proven with commercial applications at banks & airports.
Registering users with the Bioscrypt system means first casting a 40,000-point infrared mesh grid over the user's face in order to take measurements. The grid captures the shape of your face rather than taking a digital photo. These measurements are then stored as data either on the computer or in a more centralized network directory. Encryption protects the data while it's in transit (on a corporations network for example) or at rest. The infrared sensor works either in darkness or regular office light.
VisionAccess has one very important advantage over most laptop security. "You can't leave home without your face," says Grant Evans, former A4Vision CEO and president and member of Bioscrypt's board of directors.
Bioscrypt is also partnering with 3VR, a maker of searchable digital video surveillance systems, to integrate VisionAccess 3D Face Readers and the VisionAccess 3D DeskCam with 3VR's technology. The goal of this union is to help companies identify suspicious people or activity in real time either at a facility's entrance using the 3D Face Reader or at a closer proximity using the 3D DeskCam.
Bioscrypt's 3D facial recognition works with 3VR to perform multiple facial scans and comparisons against a database of stored images and corresponding data. If a person identified was previously placed on a watch list, the system will initiate an alert.
Conclusion
In a publication dated January 2007, the International Biometrics Group projected that the facial recognition market will represent more than US$1.4 billion or 19 percent of the US$7.4 billion total Non-AFIS market in 2012. Fingerprint matching is predicted to be 25 percent or a US$1.85 billion market in 2012 for a combined market size of more than US$3 billion in five years time.
Frost & Sullivan, an independent market analyst firm, stated in a July 2006 study that the compounded annual growth rate for facial biometric technology will be 27.5 percent and that one of the two primary markets by application for face recognition technology is physical access control/time and attendance.
Bioscrypt is already one of the global leaders when it comes to fingerprint biometrics and security applications. This new technology and what is likely in the pipeline, should open up tremendous growth opportunities for the company. The scenario we are looking for with microcap speculations.
Danny Deadlock
Microcap.com
--------------------------------------------------------------------------------
email: microcap@telus.net
web: http://www.microcap.com
Caught my eye fwiw.
Ticker: TSX - TOS
Shares Outstanding: 37,032,102
QUEBEC CITY, March 7 /CNW Telbec/ - TSO3 Inc. ("TSO3") (TSX: TOS)
announces another sale of its 125L Ozone Sterilizer to an American hospital.
This Michigan hospital is an acute care teaching hospital which has seen
significant growth in size and revenues in the last few years. Its surgical
focus includes hand, plastic, and thoracic/cardiovascular, as well as general
and urology. The hospital is a member of H2E (Hospitals for a Healthy
Environment), and demonstrates a strong commitment to protecting and
preserving the environment.
The hospital was the first medical facility in the state of Michigan to
be recognized for its environmental excellence when it received the Clean
Corporate Citizen Award. The hospital has established a well-regarded
environmental management system that, among other things, allows it to
identify and eliminate the use of harmful chemicals and reduce the amount of
medical waste that they generate.
"This latest sale in the United States confirms again that our
environmentally-friendly technology is well received by the market. We believe
that this sale also demonstrates the growing potential of our sales force, and
we are now reaping the rewards from their continued efforts," said Jocelyn
Vézina, the Chief Executive Officer of TSO3. "This sale yet again underlines
the benefits of having our own sales force and we believe that doubling our
sales force by the end of the year will ensure a more rapid and effective
penetration of our market. Our recent financing, which is expected to close
shortly, is giving us the means to intensify our commercialization activities
on all fronts."
"The customer's interest in ozone sterilization was piqued by our mutual
affiliation with H2E" said Ann Hewitt, Vice President, Sales and Marketing,
TSO3. "They had been using ethylene oxide to sterilize their heat sensitive
devices; as part of their initiative in environmental responsibility, they
decided to eliminate their dependence on ETO. After evaluating the low
temperature options available in the marketplace, they chose ozone
sterilization because of its environmental safety and because it generates no
sterilant packaging waste" she added.
About TSO3
TSO3 Inc. is located in Québec City, Québec, Canada, and was founded in
1998. The Company's mission is to develop and market innovative and
comprehensive sterilization solutions. TSO3 has perfected an innovative
sterilization process using ozone as the sterilizing agent. The first product
based on this technological platform is the 125L Ozone Sterilizer, which is
intended for hospital sterilization units. The 125L - named after its
125-litre/4.3-cubic-foot capacity - was designed to sterilize heat-sensitive
surgical and diagnostic devices which are expensive and in high demand from
the surgical suite. The ozone sterilization process is a safe, efficacious,
fast and cost-effective response to evolving sterilization needs.
The 125L Ozone Sterilizer by TSO3 has been cleared for commercialization
by Health Canada and by the U.S. Food and Drug Administration (FDA). TSO3
completed the sale of its first sterilizer in Q4 2005.
TSO3 currently has more than 50 employees, 23 of whom work in the sales
and marketing team.
For more information about TSO3, visit the Company's Web site at
www.tso3.com
The statements in this release and oral statements made by
representatives of TSO3 relating to matters that are not historical facts
(including, without limitation, those regarding the timing or outcome of any
financing undertaken by TSO3) are forward-looking statements that involve
certain risks, uncertainties and hypotheses, including, but not limited to,
general business and economic conditions, the condition of the financial
markets, the ability of TSO3 to obtain financing on favourable terms and other
risks and uncertainties.
The TSX has neither approved nor disapproved the information contained
herein and accepts no responsibility for it.
For further information: Mathieu Claise, Interim Director, Corporate
Communications and Investor Relations, (418) 651-0003, Ext. 237, ir@tso3.com;
Source: TSO3 Inc.
No. Ya think it's worh a look
Ever look at TOS?
Ear on the Street
AutoCanada Income Fund (ACQ.UN : TSX : $10.30)
Q4 sales up 39%
RBC Capital Markets maintains "outperform", 12-month target price is $11.50
Scotia Capital Markets maintains "sector outperform", 12-month target price is $12.50
Alexis Nihon REIT (AN.UN : TSX : $18.60)
2006 results as expected
RBC Capital Markets maintains "sector perform", 12-month target price is $18.60
Scotia Capital Markets maintains "tender", 12-month target price is $18.60
Angiotech Pharmaceuticals (ANP : TSX : $6.32 | ANPI : NASDAQ : US$5.45)
Xience SPIRIT III data very strong
Blackmont Capital places both rating and target "under review"
Desjardins Securities maintains "hold", 12-month target price is cut to US$7.25
Raymond James maintains "strong buy", 6-12 month target price is US$18.50
RBC Capital Markets maintains "outperform", 12-month target price is US$13.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is US$13.00
TD Newcrest maintains "hold", 12-month target price is US$7.50
Alimentation Couche-Tard (ATD.B : TSX : $23.75)
Acquisition of 28 sites in Ohio
TD Newcrest maintains "action list buy", 12-month target price is $33.00
Advantage Energy Income Fund (AVN.UN : TSX : $12.49)
Q4 slightly misses expectations
CIBC World Markets maintains "sector underperform", 12-month target price is raised to $12.00
RBC Capital Markets maintains "sector perform", 12-month target price is $10.75
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.50
Bulldog Resources (BD : TSX : $4.75)
A solid growth story
Canaccord Adams maintains "buy", 12-month target price is $6.75
Bioteq Environmental Techn. (BQE : TSX-V : $2.37)
Q4 misses
Canaccord Adams maintains "buy", 12-month target price is $2.75
Canam Group Inc (CAM : TSX : $10.33)
Joint venture in China
Raymond James maintains "strong buy", 6-12 month target price is $12.00
Canaccord Capital Inc. (CCI : TSX : $21.80)
New Street coverage
Kepler Teather & Greenwood Merrion initiates coverage with a "buy", 12-month target price is $26.00
Carfinco Income Fund (CFN.UN : TSX : $3.80)
Q4 preview
Blackmont Capital maintains "buy", 12-month target price is $4.75
Cargojet Income Fund (CJT.UN : TSX : $10.70)
Very strong Q4 results
RBC Capital Markets maintains "outperform", 12-month target price is not given
Connacher Oil and Gas (CLL : TSX : $3.90)
Q4 better than expected
GMP Securities maintains "buy", 12-month target price is $6.00
Raymond James maintains "outperform", 6-12 month target price is $4.50
CYBERplex Inc. (CX : TSX : $0.50)
Q4 beats expectations
GMP Securities maintains "buy", 12-month target price is $0.95
Draxis Health (DAX : TSX : $7.17 | DRAX : NASDAQ : US$6.18)
Improving growth prospects
Desjardins Securities upgrades to "buy", target price raised to US$7.25
Eldorado Gold (ELD : TSX : $7.08 | EGO : AMEX : US$6.08)
Releases 2006 year-end results
Blackmont Capital maintains "hold", 12-month target price is cut to $7.50
Canaccord Adams downgrades to "sell", target price is US$5.75
CIBC World Markets maintains a "sector outperform", target price is US$8.60
Haywood Securities maintains a "sector outperform", target price raised to $8.50
Raymond James downgrades to "market perform", 6-12 month target price is $8.00
RBC Capital Markets maintains a "sector perform", target price not provided
Forzani Group (FGL : TSX : $19.71)
Posts strong fourth-quarter results
CIBC World Markets maintains a "sector underperform", target price raised to $20.00
Desjardins Securities upgrades to "buy", target price raised to $25.00
Raymond James maintains a "outperform", 6-12 month target price raised to $23.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $24.00
TD Newcrest maintains a "buy", 12-month target price is $22.00
Gabriel Resources (GBU : TSX : $4.28)
All cashed up
Raymond James maintains a "outperform", 6-12 month target price is $6.75
Gennum Corp. (GND : TSX : $12.05)
First quarter results coming tomorrow
CIBC World Markets maintains a "sector perform", target price is $14.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $17.00
Heroux-Devtek Inc. (HRX : TSX : $8.71)
Looking past the rumours
Raymond James upgrades to "outperform", 6-12 month target price is $10.00
Husky Energy (HSE : TSX : $79.16)
Slight increase in natural gas price forecast
Credit Suisse maintains a "neutral", target price raised to $85.00
Lake Shore Gold (LSG : TSX : $2.02)
Clears equity financing hurdle
Haywood Securities maintains a "sector outperform", target price cut to $3.05
MEGA Brands (MB : TSX : $26.23)
Fourth-quarter results expected March 30
Desjardins Securities reiterates "buy", target price is $30.00
Melcor Developments (MRD : TSX : $25.44)
Alberta markets to drive profitability
Desjardins Securities maintains a "top pick", target price raised to $39.40
Methanex Corp. (MX : TSX : $26.69 | MEOH : NASDAQ : US$22.95)
Lowered methanol price estimates
Blackmont Capital maintains "underperform", 6-12 month target price is cut to $17.00
CIBC World Markets upgrades to "sector perform", target price cut to US$23.00
Nova Chemicals Corp (NCX : TSX : $36.71 | NYSE : US$31.60)
Expanded joint venture with INEOS
RBC Capital Markets rates "sector perform", 12-month target price is raised to $35.00
Newport Partners Income Fund (NPF.UN : TSX : $6.22)
Awaiting Q4 results
RBC Capital Markets rates "underperform", 12-month target price is $6.25
Oilexco Inc. (OIL : TSX : $8.30)
Second rig contract extended
Canaccord Adams maintains "buy", 12-month target price is $14.00
Paramount Energy Trust (PMT.UN : TSX : $9.62)
Declining reserve
Blackmont Capital maintains "hold", 12-month target price is cut to $8.75
Potash Corp. of Saskatchewan (POT : TSX : $184.49 | NYSE : US$158.62)
Bringing back Patience Lake
RBC Capital Markets rates "outperform", 12-month target price is raised to $185.00
Quebecor Inc. (QBR.B : TSX : $39.92)
Final Q4 results reported
CIBC World Markets rates "sector perform", 12-month target price is cut to $46.00
Saputo Inc. (SAP : TSX : $44.59)
Acquires U.K. cheese producer
TD Newcrest maintains "buy", 12-month target price is $49.00
Shore Gold Inc (SGF : TSX : $7.55)
Results released and project update
RBC Capital Markets rates "outperform", 12-month target price is $10.50
Shell Canada (SHC : TSX : $44.95)
Natural Gas price forecast
Credit Suisse First Boston rates "underperform", 12-month target price is $45.00
Sterling Shoes Income Fund (SSI.UN : TSX : $16.15)
Q4/06 results released
TD Newcrest maintains "buy", 12-month target price is raised to $18.00
Suncor Energy (SU : TSX : $85.00)
Revised Natural Gas price forecast
Credit Suisse First Boston rates "outperform", 12-month target price is $110.00
TransAlta Corp. (TA : TSX : $25.00)
Positive takeaways from meetings with management
CIBC World Markets maintains a "sector outperform", target price is $28.00
Teck Cominco Ltd. (TCK.B : TSX : $82.43)
Rebound in copper price
TD Newcrest upgrades to "buy", 12-month target price is $95.00
TSO3 Inc. (TOS : TSX : $2.30)
No surprises in Q4 Results
Canaccord Capital maintains "speculative buy", 12-month target price is $5.50
TUSK Energy Corp. (TSK : TSX : $1.95)
Mixed bag of year-end financial, reserves and operating results
Canaccord Adams upgrades to "buy", target price cut to $2.75
Workbrain Corp (WB : TSX : $9.98)
Attractive acquisition candidate
RBC Capital Markets rates "sector perform", no target price reported
Weekly Update March 25, 2007
--------------------------------------------------------------------------------
New research this week on Motapa (diamonds and uranium) but first a quick update on Orko Silver (OK.V $0.84) which we featured here Feb 5th at $0.57. With Friday's close the stock is now up 47% but we'll continue to follow the company into April and see what develops. They are attracting strong buying from Europe right now and should be reporting new silver assays soon as 2 drill rigs have been running steady this past month. Silver resource to date is close to 40 million ounces but we'll wait to see what the drill turns up in April before deciding on coverage through Q2.
Motapa (MTP.V $0.56)
www.motapadiamonds.com
We've only covered one other diamond stock this past year (HUD.V $1.20) and it was first presented to free subscribers April 2006 near $0.70. It took longer than expected but last month traded to $2.30 and pushed the 10 month gain to 230% before we dropped coverage. Our next entry into this sector is Motapa, not only for its strong exposure to diamonds, but diversification of risk through uranium and their joint venture with Cameco in Africa. A rare combination and one that could pay off in spades if any of their projects hit over the next year.
Hambro Bullish on Diamonds
Evy Hambro of London is one of the world's smartest resource investors. He manages one of the largest mining funds in the world and his insight is invaluable. Back in August he had the following to say about diamonds and its one of the reasons we want a strong diamond exploration company in our portfolio.
"For the first time in 25 years, diamond production is declining and that may make the world’s most coveted stones a better investment than copper, nickel and zinc, this year’s top- performing commodities. Diamonds have "the best fundamentals," said Evy Hambro, who manages the $6.6 billion World Mining Fund in London for Merrill Lynch. "The gap between supply and demand is much bigger relative to other commodities."
Motapa's Little Known JV Partners - DeBeers & Cameco
The makings of a great exploration play need world class management (or the technical team of geologists), large land positions, and historically proven properties or joint ventures with major mining companies that see strong potential. Motapa not only has this, but the added (abnormal) benefit of high impact diamond exploration with uranium. The uranium property helps spread the risk at a time when uranium prices could test $100/lb this year - currently at $90 which many thought we would never see.
The uranium side to Motapa is something few (besides existing shareholders) realize exists. For the past 6 months uranium stocks have done exceptionally well and likely will continue to outperform for the remainder of 2007. Motapa's diamond properties provide us with high impact potential but the uranium is an intriguing bonus partnered with the world's largest uranium miner - Cameco. The large property position in Africa was secured years ago (well before uranium was in vogue) and the joint venture with Cameco was announced a year ago - well before the sector took off and few ever noticed it.
I met with these fellows in Toronto recently and it was evident they have several high impact projects in the pipeline over the next year. This is exploration so every single one could be a bust. But you need to spread risk and Motapa is excellent for this. A hit on even one (let alone a couple) would push the market cap dramatically higher.
Overview & Property Pipeline
Motapa is among the leading diamond explorers in Africa and has 100% interests in approx. 10 million hectares (over 20 million acres) of diamond prospective properties located in Namibia, Zambia, Botswana, Gabon and Mozambique. In Gabon, they own uranium, manganese and gold exploration rights in the central portion of their land holdings. Properties are joint ventured with DeBeers, Government of Namibia, and Cameco. These joint ventures are all very active in 2007 and we will see drilling on various fronts. The majors carry the exploration costs and leave significant ownership rights should something be hit.
Key Senior Management and Directors
John Gurney (Chairman) is widely recognized as being the single most influential person on how diamond exploration has evolved in the past 20 years through his research at the University of Cape Town.
Larry Ott (CEO) is a PhD geologist who ran the feasability on Ekati (Canada's first diamond mine) for BHP between 1993 and 1998.
Jim Rothwell (Director) is the former President of BHP Diamonds, former Chairman of Dia Met (became Ekati), and current chairman of Shore Gold (likely Canada's next commercial diamond mine)
Bob Bishop (Director) publishes a widely followed resource advisory in the U.S. called the Gold Mining Stock Report (annual cost is $1000). He was one of the first to spot Dia Met (went from $0.40 to over $40) and Diamond Fields in Voisey Bay which was bought out by Inco and performed equally well.
Property Pipeline
Africa is the world's most prolific diamond producing continent with large areas under-explored. John Gurney's industry connections will likely lead to continued property acquisitions and joint ventures.
1) Mothae in Lesotho is an 8.8 hectare proven diamondiferous kimberlite that has never been properly tested. A few kilometres away is Gem Diamond's Letseng diamond mine where they are recovering some of the most valuable diamonds in the world (averaging $1500 per carat with gem quality diamonds 2 carats to 200 carats). All Motapa's work to date says that geologically, Mothae "should" be very similar to Letseng and their plan is to bring in a processing plant and take a 50,000 to 100,000 tonne bulk sample. Over the next month they are raising a few million dollars to finance this. If bulk sampling hits and proves the economics of this project, it becomes highly valuable. The company worked for a long time on securing this project and was finally successful last year and this will be the first time the property has been commercially tested. They know it hosts diamonds but recoveries have been sporadic. Bulk testing will attempt to prove up their theory. This would likely start in Q4/07 and take several months with the plant on site.
Gem Diamonds (www.gemdiamonds.com) owns Letseng and four development projects in Africa. The company was formed in July 2005 and started trading on London last month. The market cap is over a billion dollars after raising several hundred million dollars recently. If Motapa proves similar geology to Letseng next door, it will do exceptionally well given the fact Motapa's market cap is less than $20 million Cdn. Its an elephant style play and their other exploration properties are similar to Gem's if you remove Letseng from the equation.
Info on Letseng (6.5km SE of Mothae) - www.gemdiamonds.com/lesotho.asp
2) In Gabon, Motapa has rights to 3.3 million hectares of diamond exploration. Strong indicator minerals and aeromag surveys have helped them identify numerous high quality targets. Cameco jumped on the opportunity last spring to fund and explore their rights to uranium over a large section of land in the Northwest.
This basin of Gabon is geologically similar to the Athabasca basin of Saskatchewan. Deposits in the neighboring Oklo-Mounana district have produced in the order of 100 million pounds of uranium ranking it one of the world's most significant uranium districts. Production by a Cogema-controlled consortium began in 1960 and continued until 1999. Motapa and Cameco feel that the extensive land position is underexplored and offers excellent potential for significant uranium discoveries. An exploration program, which is anticipated to commence this spring and summer is being finalized.
If a junior just announced a huge land package in Africa and a subsequent joint venture with Cameco, the stock would do dramatically well. Right now, few even know this exists. Even with full dilution by Cameco on a discovery, Motapa would be left holding 20% of a major African uranium property. Its the blue sky scenario we also gamble on with the diamonds.
3) Kavango Project in Namibia is something junior diamond miners dream about but is also dramatically under the radar. Motapa has a 100% interest in 1.6 million hectares and has joint ventured under excellent terms with Namdeb Diamond Corp - a partnership between the Namibian government and DeBeers. Namdeb is financing all exploration and drilling (which should start this spring) and most important, DeBeers should be using their proprietary Zeppelin Airship - it uses the most advanced geoscience equipment in the world to discover diamonds.
4) In addition, the company has exploration underway on several other projects that host excellent potential. These include 500,000 hectares in Mozambique, 2.4 million hectares in Zambia, and 900,000 hectares in Botswana.
Given the share price and market capitalization, this is an excellent way to play the diamond sector given the risk/reward scenario. Diamond plays are high risk but very high impact. With so many irons in the fire to spread the risk and the uranium play for a bonus, this makes a great mid to long term resource speculation.
Danny Deadlock
Microcap.com
--------------------------------------------------------------------------------
email: microcap@telus.net
web: http://www.microcap.com
Undervalued Stock #1 ========== ---------------- Valero LP (NYSE: VLI) ---------------- Insider Name: William E. GreeheyInsider Position: DirectorInsider Action: 23,100 shrs on 3/22/2007Insider Total Holding: 120,106 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 23.2 (Industry Average 24.5)P/S Ratio = 2.72 (Industry Average 2.82)P/B Ratio = 1.68 (Industry Average 3.43)P/CF Ratio = 13.30 (Industry Average 12.40) Industry: Oil & Gas Pipelines ---------------- Valero LP (NYSE: VLI)
Minco Silver (MSV : TSX : $3.27), Net Change: 0.17, % Change: 5.48%, Volume: 63,538
Sterling silver chopsticks. Minco Silver reported the assay results of the first 11 holes of the Phase III drilling program on its
Fuwan Silver Project, located in southwest China. The Phase III drilling program consisted of 30 holes, for a total of 7,009
metres, drilled on the western side of the deposit from section 35 from the West to section 12 to the East. The assays results for
the first 11 holes are highlighted by hole FW0025 (329.81 g/t silver over 15.35m), hole FW0040 (581.52 g/t silver over 2.90m),
hole FW0041 (458.12 g/t silver over 12.15m), hole FW0053 (1,223.75 g/t silver over 3.96m), and hole FW0025 (388.64 g/t
silver over 7.54m). The program was designed to increase the drill density to 80x80 metres with numerous assay grades for the
first 11 holes exceed the previous deposit average estimated by P&E Mining Consultants in November of 2005 (revised and
updated in November of 2006). By the way, during dynastic times it was thought that silver chopsticks would turn black if they
came into contact with poisoned food. It is now known that silver has no reaction to arsenic or cyanide, but if rotten eggs, onion,
or garlic are used, the hydrogen sulphide they release might cause these chopsticks to change colour.
Nortel Networks (NT) fell after North America’s biggest phone-gear
maker also said it plans to sell US$1 billion of convertible notes to repay
debt due next year.
Ear on the Street
Addax Petroleum (AXC : TSX : $34.86)
Year-end results in line
RBC Capital Markets maintains "outperform", 12-month target price is $38.00
Birchcliff Energy (BIR : TSX : $3.73)
Q4 in line
GMP Securities maintains "buy", 12-month target price is $6.75
Airboss of America (BOS : TSX : $4.15)
Q4 earnings slightly below estimates
GMP Securities maintains "buy", 12-month target price is $6.90
Raymond James downgrades to "outperform", 6-12 month target price is cut to $5.40
The Brick Group Income Fund (BRK.UN : TSX : $8.80)
Q4 in line overall
BMO Capital Markets maintains "market perform", 12-month target price is raised to $8.50
CIBC World Markets maintains "sector outperform", 12-month target price is $10.00
RBC Capital Markets maintains "sector perform", 12-month target price is $8.50
TD Newcrest maintains "hold", 12-month target price is raised to $8.00
Descartes Systems Group (DSG : TSX : $4.87 | DSGX : NASDAQ : US$4.22)
Upbeat annual user conference
CIBC World Markets maintains "sector outperform", 12-month target price is US$5.50
GMP Securities maintains "buy", 12-month target price is $7.00
Prime Restaurants Royalty (EAT.UN : TSX : $7.70)
Weak Q4
RBC Capital Markets maintains "underperform", 12-month target price is $6.50
Fording Canadian Coal Trust (FDG.UN : TSX : $26.21 | FDG : NYSE : US$22.62)
Anticipate lower distributions to come - but in Q3 , not Q2
Canaccord Adams maintains a "sell", target price is $18.50
CIBC World Markets maintains "sector underperform", 12-month target price is cut to $22.00
TD Newcrest maintains "reduce", 12-month target price is cut to $21.00
CGI Group (GIB.A : TSX : $10.07 | GIB : NYSE : US$8.69)
A closer look at recent takeout multiples
BMO Capital Markets maintains "market perform", 12-month target price is $11.50
TD Newcrest maintains "hold", 12-month target price is raised to $10.00
Grey Wolf Exploration (GWE : TSX : $2.50)
2006 results slightly below expectations
BMO Capital Markets maintains "outperform", 12-month target price is $3.50
HudBay Minerals (HBM : TSX : $20.10)
Robust cash generation results in earlier tax reporting
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $26.00
Husky Energy (HSE : TSX : $77.19)
Valero Lima refinery can be a downstream solution for Sunrise oil sands project
Desjardins Securities maintains "buy", 12-month target price is $85.00
Methanex Corp. (MX : TSX : $26.13 | MEOH : NASDAQ : US$22.55)
Declining methanol contract price
Canaccord Adams maintains "sell", 12-month target price is US$16.00
Novadaq Technologies (NDQ : TSX : $9.00)
Acquires Edwards Lifesciences' TMR business
RBC Capital Markets maintains "outperform", 12-month target price is $15.00
Nexen (NXY : TSX : $69.01 | NYSE : US$59.53)
Several near-term catalysts exist
Desjardins Securities upgrades to "top pick", 12-month target price is raised to $83.00
Paramount Resources (POU : TSX : $18.03)
Analysts adjust model after poor year-end reporting
Canaccord Adams maintains "buy", 12-month target price is cut to $22.00
Power Corp of Canada (POW : TSX : $37.21)
Q4 EPS in line
BMO Capital Markets maintains "outperform", 12-month target price is $41.00
Power Financial Corp. (PWF : TSX : $39.21)
Q4 basically in line
BMO Capital Markets maintains "outperform", 12-month target price is $43.50
Royal LePage Franchise Service (RSF.UN : TSX : $12.49)
Fourth-quarter results marginally below estimates
TD Newcrest maintains a "hold", 12-month target price is $11.50
RSX Energy (RSX : TSX-V : $3.06)
Winter drilling saw success in several areas
Haywood Securities maintains a "sector outperform", target price cut to $4.75
TIO Networks (TNC : TSX-V : $1.14)
Posts solid Q2/F07 results
GMP Securities maintains a "buy", target price is $1.70
Transition Therapeutics Inc (TTH : TSX : $1.60)
Expanding into Alzheimer's disease area with acquisition of NeuroMedix
GMP Securities reiterates "buy", target price is $3.50
Yamana Gold Inc. (YRI : TSX : $16.88 | AUY : NYSE : US$14.60)
Earnings lowered but valuation and growth story remains compelling
Canaccord Adams maintains a "buy", target price is US$19.50
Raymond James downgrades to "outperform", 6-12 month target price cut to US$19.40
RBC Capital Markets maintains a "sector perform", target price is US$16.00
Ear on the Street
Arctic Glacier Income Fund (AG.UN : TSX : $12.98)
Q4/06 results released
TD Newcrest downgrades to "hold", 12-month target price is $13.50
Alamos Gold Inc. (AGI : TSX : $7.21)
Global resource increases 5.6%
Raymond James rates "outperform", no target price reported
Akita Drilling (AKT.A : TSX : $16.67)
Short term challenges
RBC Capital Markets rates "sector perform", 12-month target price is cut to $19.00
BCE Inc. (BCE : TSX : $30.75)
Long term plans positive
CIBC World Markets rates "sector outperform", 12-month target price is $34.00
Bulldog Resources (BD : TSX : $4.65)
Reserve report should lead sector
RBC Capital Markets rates "outperform", 12-month target price is $6.00
Bird Construction Income Fund (BDT.UN : TSX : $15.75)
Announces new contract
Blackmont Capital rates "buy", 12-month target price is $19.00
Connors Bros. Income Fund (CBF.UN : TSX : $11.72)
Results positive, risk a concern
Blackmont Capital rates "sell", 12-month target price is $9.00
CanWel Building Materials (CWX.UN : TSX : $3.92)
Integrating acquisition of pressure treated business
Canaccord Capital rates "hold", 12-month target price is raised to $4.00
Descartes Systems Group (DSG : TSX : $4.83 | DSGX : NASDAQ : US$4.21)
Strong competitive position
TD Newcrest maintains "buy", 12-month target price is US$5.50
Emergis (EME : TSX : $5.76)
Federal budget boost
CIBC World Markets rates "sector perform", 12-month target price is $6.25
ExAlta Energy (EXA : TSX : $1.59)
Released Q4/06 results
Raymond James rates "strong buy", 12-month target price is $4.00
Forzani Group (FGL : TSX : $19.00)
Results expected later this week
Raymond James maintains "outperform", 12-month target price is $21.00
CGI Group (GIB.A : TSX : $10.14 | GIB : NYSE : US$8.78)
ACS takeout bid
RBC Capital Markets rates "outperform", no target price reported
Grey Wolf Exploration (GWE : TSX : $2.50)
Solid growth expected in 2007
GMP Securities reiterates "buy", target price cut to $3.00
Heroux-Devtek Inc. (HRX : TSX : $8.85)
Take-out speculation swirling again
Raymond James downgrades to "market perform", 6-12 month target price is $10.00
Iamgold Corp. (IMG : TSX : $8.83 | IAG : NYSE : US$7.58)
Negative impact from Cambior acquisition now confirmed
CIBC World Markets rates a "sector underperform", target price cut to US$8.00
IPSCO Inc. (IPS : TSX : $123.01 | NYSE : US$106.17)
Increased scrap costs
CIBC World Markets maintains a "sector outperform", target price cut to US$116.00
Quebecor World (IQW : TSX : $14.94 | NYSE : US$12.94)
Disappointing Q4 results
CIBC World Markets maintains a "sector perform", target price raised to US$15.00
Desjardins Securities maintains "sell", 12-month target price is US$11.00
RBC Capital Markets maintains "underperform", 12-month target price is US$13.00
Menu Foods Income Fund (MEW.UN : TSX : $3.55)
Massive recall initiated
CIBC World Markets downgrades to "sector underperform", target price cut to $3.50
Methanex Corp. (MX : TSX : $26.24 | MEOH : NASDAQ : US$22.73)
40% decline in European methanol prices
RBC Capital Markets maintains a "underperform", target price cut to US$19.00
New Gold (NGD : TSX : $9.17)
Additional resource doesn't materially affect valuation
Raymond James reiterates a "market perform", 6-12 month target price is $10.00
Northern Property REIT (NPR.UN : TSX : $25.60)
Q4 DIPU slightly lower than expected
Canaccord Adams upgrades to "buy", target price raised to $29.00
CIBC World Markets maintains "sector perform", 12-month target price is raised to $26.70
RBC Capital Markets reiterates "sector perform", target price is $28.00
North West Company Fund (NWF.UN : TSX : $16.21)
Posts in line fourth-quarter results
CIBC World Markets maintains a "sector outperform", target price is $18.00
RBC Capital Markets reiterates "outperform", target price is $18.50
Petrolifera Petroleum (PDP : TSX : $16.67)
Q4 in line
GMP Securities maintains "buy", 12-month target price is $25.00
Parkland Income Fund (PKI.UN : TSX : $34.73)
Plenty of growth initiatives underway
CIBC World Markets maintains "sector perform", 12-month target price is cut to $35.00
UTS Energy (UTS : TSX : $3.90)
Several positive development
Raymond James maintains "outperform", 6-12 month target price is $5.50
Westshore Terminals Inc. Fund (WTE.UN : TSX : $11.36)
Q1 cash distribution less than expected
Desjardins Securities maintains "hold", 12-month target price is cut to $9.25
TD Newcrest maintains "hold", 12-month target price is $10.50
Undervalued Stock #2 ========== ---------- Warnaco Group, Inc. (Nasdaq: WRNC) ---------- Insider Name: Charles R. PerrinInsider Position: DirectorInsider Action: 25,000 shrs on 2/26/2007Insider Total Holding: 49,327 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 17.6 (Industry Average 22.2)P/S Ratio = 0.70 (Industry Average 2.21)P/B Ratio = 1.83 (Industry Average 6.29)P/CF Ratio = 10.4 (Industry Averge 18.6) Industry: Textile - Apparel Clothing ---------- Warnaco Group, Inc. (Nasdaq: WRNC)
Undervalued Stock #1 ========== -------- Goodyear Tire & Rubber Co. (NYSE: GT) -------- Insider 1 Name: Pierre E. CohadeInsider 1 Position: President, Asia-PacificInsider 1 Action: 5,000 shrs on 3/14/2007Insider 1 Total Holding: 41,544 shrs Insider 2 Name: Eduardo A. FortunatoInsider 2 Position: President, Latin AmericaInsider 2 Action: 3,315 shrs on 3/15/2007Insider 2 Total Holding: 4,815 shrs -------------------------------------------------------Undervaluation Merits... P/S Ratio = 0.25 (Industry Average 0.85)P/CF Ratio = 14.91 (Industry Average 15.52) Industry: Tires -------- Goodyear Tire & Rubber Co. (NYSE: GT)
Grenville Gold Commences 3D Modelling of Silveria Project in San Mateo District, Peru
Grenville Gold Corporation (TSX-V: GVG OTC-BB: GVLGF) is pleased to report it has received a progress report from its Peru team regarding the Silveria Project. The Silveria Project includes four past-producing mines. The Pacococha Mine, The Millotingo Mine, The Germania Mine and the Silveria Mine. Grenville is currently compiling production records from Pacococha and Millotingo in addition to work completed assessing information on the Pacococha Mine.
At present, Grenville has finished the first phase of mapping the Pacococha Mine's historic workings. A digitization project based on 108 hard copy level plans complete with assay results for the past-producing Pacacocha Mine is the first step towards a working 3D model of the entire claim area. The hard copies of various schematics, sampling programs, mining records containing information on portals, adits, drifts, tunnels and stopes previously mined or mapped for mining and other related information were acquired by Grenville's Peruvian team in January, 2007 soon after the acquisition of the project. As a general operating proceedure, the Grenville team will continue to collect and assort similar information from it's three other past-producing mines in the area as well as the records from the Rosa Maria Copper Mine located within the Espanola Project located in the Province of Canete.
The information contained in the historic plans is invaluable to the production of a three dimensional model of the Silveria project have been digitized complete with assay results. Based on this information, Grenville will make decisions on contracting services for an underground channel sampling program, drilling program, scoping study and an assessment of the tailings contained on or near the project.
Additional updates will be reported as they become available.
About Grenville Gold Corporation
Grenville Gold www.grenvillegold.com is a junior resource company in seeking prospective properties in Peru and Ecuador. The company has three subsidiaries: Inversiones Mineras Alexander S.A.C. in Peru, Minera MineGreville S.A. in Ecuador and Parkman Diamond Corp. in Ontario, Canada. Grenville Gold plans to leverage the experience of its Board and Management in exploration and mining to develop its growth strategy in North and South America. For further information contact 604-669-8842 ext. 103.
On behalf of the Board of Directors,
"A. Paul Gill"
President & CEO
(604)-669-8842 pgill@grenvillegold.com
Ear on the Street
AutoCanada Income Fund (ACQ.UN : TSX : $10.25)
Q4 preview
Raymond James maintains "strong buy", 6-12 month target price is $12.00
Altius Minerals Corp (ALS : TSX : $11.84)
Q3 meets expectations
Haywood Securities maintains "sector outperform", 12-month target price is $15.00
Addax Petroleum (AXC : TSX : $34.47)
To report Q4 today
Scotia Capital Markets maintains "sector outperform", 12-month target price is $42.50
Anderson Energy (AXL : TSX : $4.19)
Q4 better than expected
BMO Capital Markets maintains "market perform", 12-month target price is $4.50
RBC Capital Markets maintains "sector perform", 12-month target price is $5.00
Black Diamond Income Fund (BDI.UN : TSX : $8.80)
Awarded a significant contract from Canadian Natural Resources
Raymond James upgrades to "strong buy", 6-12 month target price is raised to $11.00
BFI Canada Income Fund (BFC.UN : TSX : $26.06)
$81 million equity financing
RBC Capital Markets maintains "sector perform", 12-month target price is cut to $26.00
Bank of Nova Scotia (BNS : TSX : $53.87)
Closer to purchase a Chinese bank
Blackmont Capital maintains "buy", 12-month target price is $61.00
Connors Bros. Income Fund (CBF.UN : TSX : $11.68)
Q4 reported yesterday
Blackmont Capital maintains "sell", 12-month target price is $9.00
Cameco Corp. (CCO : TSX : $45.10)
Updates on Cigar Lake
BMO Capital Markets maintains "underperform", 12-month target price is $40.00
CIBC World Markets maintains "sector outperform", 12-month target price is $51.00
RBC Capital Markets maintains "top pick", 12-month target price is $60.00
TD Newcrest maintains "hold", 12-month target price is $50.00
Coeur D'alene Mines (CDM : TSX : $4.65 | CDE : NYSE : US$4.00)
Negative U.S. court ruling
RBC Capital Markets maintains "sector perform", 12-month target price is $5.50
Canadian National Railway (CNR : TSX : $51.92)
New Street coverage
CIBC World Markets initiates coverage with a "sector outperform", 12-month target price is $64.00
Cardiome Pharma (COM : TSX : $12.09 | CRME : NASDAQ : US$10.37)
Potential news flow drivers late in 2007
Canaccord Adams maintains "buy", 12-month target price is $21.40
Canadian Pacific Railway (CP : TSX : $64.08)
New Street coverage
CIBC World Markets initiates coverage with a "sector perform", 12-month target price is $70.00
Creststreet Power & Income (CRS.UN : TSX : $5.10)
Slightly higher amortization expense in 2006
BMO Capital Markets maintains "underperform", 12-month target price is $4.25
Churchill Corporation (CUQ : TSX : $6.00)
Better than expected results
Blackmont Capital rates "buy", 12-month target price is $8.75
Canadian Royalties Inc (CZZ : TSX : $3.04)
Planned expansion of the Raglan plant
Blackmont Capital maintains "buy", 12-month target price is raised to $3.95
Deepwell Energy Service Trust (DWL.UN : TSX : $5.50)
Distribution cut
Raymond James maintains "outperform", 6-12 month target price is $10.00
Dynatec Corp. (DY : TSX : $3.02)
Share price surge appears to be driven by the rise in FNX's stock price
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $3.50
Ensign Energy Services (ESI : TSX : $19.00)
No surprise in Q4
BMO Capital Markets upgrades to "outperform", 12-month target price is raised to $23.00
Canaccord Capital rates "buy", 12-month target price is $24.00
CIBC World Markets maintains "sector perform", 12-month target price is $22.00
Raymond James maintains "market perform", 12-month target price is $21.00
RBC Capital Markets rates "sector perform", 12-month target price is $22.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $20.75
TD Newcrest maintains "hold", 12-month target price is $23.00
Essential Energy Services (ESN.UN : TSX : $5.61)
4Q results released
Raymond James maintains "outperform", 12-month target price is $7.00
FirstService Corp. (FSV : TSX : $29.36)
To acquire ServiceMaster
Raymond James maintains "strong buy", 12-month target price is $32.50
Great Canadian Gaming (GCD : TSX : $11.79)
Bad weather affected visitations
BMO Capital Markets maintains "market perform", 12-month target price is $13.00
GMP Securities maintains "hold", 12-month target price is cut to $11.80
Raymond James maintains "market perform", 12-month target price is $14.00
RBC Capital Markets rates "sector perform", 12-month target price is $12.50
TD Newcrest maintains "hold", 12-month target price is raised to $12.00
Gateway Casinos Income Fund (GCI.UN : TSX : $19.35)
To issue 0.55 million units to Cascades Casino
Scotia Capital Markets maintains "sector perform", 12-month target price is $20.50
MEGA Brands (MB : TSX : $26.25)
Increases in U.K market share
CIBC World Markets maintains "sector outperform", 12-month target price is $32.00
Marsulex Inc. (MLX : TSX : $11.75)
Growth stock with a dividend
Blackmont Capital rates "buy", 12-month target price is $12.00
Nova Chemicals Corp (NCX : TSX : $38.32 | NYSE : US$32.96)
Reliance takeover rumour likely incorrect
Canaccord Adams maintains a "buy", target price is US$40.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $41.00
Novadaq Technologies (NDQ : TSX : $9.15)
Fourth-quarter results meet expectations
RBC Capital Markets maintains a "outperform", target price is $14.00
Northern Property REIT (NPR.UN : TSX : $25.84)
Solid Q4 in line
Blackmont Capital maintains "buy", 12-month target price is $26.50
Nortel Networks Corp. (NT : TSX : $30.28 | NYSE : US$26.03)
A turnaround could be a bumpy ride
BMO Capital Markets maintains "market perform", 12-month target price is US$30.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $40.00
TD Newcrest maintains a "buy", 12-month target price is US$35.00
Pembina Pipeline Income Fund (PIF.UN : TSX : $16.11)
Posts in line 2006 results
CIBC World Markets maintains a "sector perform", target price raised to $15.50
Paramount Resources (POU : TSX : $16.61)
Fourth-quarter results slightly lower than expected
BMO Capital Markets maintains "market perform", 12-month target price is cut to $22.00
GMP Securities downgrades to "buy", target price cut to $27.00
RBC Capital Markets maintains a "sector perform", target price cut to $21.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $19.75
TD Newcrest maintains a "buy", 12-month target price is cut to $30.00
Peerless Energy (PRY.A : TSX : $2.95)
Announces success along the Peace River Arch
GMP Securities reiterates "buy", target price is $5.25
ProspEx Resources (PSX : TSX : $3.90)
Q4 and year-end results more or less in line
Raymond James maintains a "outperform", 6-12 month target price is $5.25
TD Newcrest maintains a "buy", 12-month target price is $6.00
Royal Bank of Canada (RY : TSX : $57.42 | NYSE : US$49.34)
Enron lawsuit was a non-issue
BMO Capital Markets maintains "outperform", 12-month target price is $60.00
TD Newcrest maintains a "action list buy", 12-month target price is raised to $67.00
Stratos Global (SGB : TSX : $6.54)
Inmarsat indirectly bids for Stratos - The ball is in Apax's court
BMO Capital Markets maintains "market perform", 12-month target price is raised to $6.40
Canaccord Adams maintains a "buy", target price is $6.55
GMP Securities recommends "tender", target price raised to $6.40
Scotia Capital Markets maintains "tender", 12-month target price is $6.40
TD Bank (TD : TSX : $69.47 | NYSE : US$59.72)
Enron lawsuit was a non-issue
BMO Capital Markets maintains "outperform", 12-month target price is $75.00
Sino-Forest Corp. (TRE : TSX : $10.85)
Execution now the focus
Haywood Securities maintains a "sector outperform", target price is $13.00
Domtar Canada Paper (UFX : TSX : $11.60 | UFS : NYSE : US$9.81)
Incorporating in the U.S.
BMO Capital Markets maintains "outperform", 12-month target price is raised to US$12.50
Vero Energy (VRO : TSX : $5.67)
$19.2 million bought deal financing
BMO Capital Markets maintains "outperform", 12-month target price is $8.00
XS Cargo Income Fund (XSC.UN : TSX : $7.22)
Disappointing Q4 numbers
CIBC World Markets maintains a "sector perform", target price cut to $8.00
Yamana Gold Inc. (YRI : TSX : $16.66)
Ahead of plan at Chapada
Blackmont Capital maintains a "buy", 12-month target price is $20.00
Ear on the Street
ACE Aviation Holdings (ACE.B : TSX : $30.66)
Analyst changes valuation based on Air Canada & Jazz
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $37.25
Addenda Capital (ADV : TSX : $23.18)
New Street coverage
TD Newcrest initiates coverage with a "buy", 12-month target price is $27.00
Ag Growth Income Fund (AFN.UN : TSX : $20.65)
Q4 in line
Canaccord Adams maintains "hold", 12-month target price is raised to $20.70
TD Newcrest maintains "buy", 12-month target price is raised to $22.00
Agrium (AGU : TSX : $44.00 | NYSE : US$37.43)
Higher forecast for nitrogen fertilizer prices
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $42.00
Alcan Inc. (AL : TSX : $61.15 | NYSE : US$52.00)
Chinese statistics indicate better-than-expected aluminium market
Desjardins Securities maintains "top pick", 12-month target price is US$75.00
Amtelecom Income Fund (AMT.UN : TSX : $13.45)
Rejects Bell Aliant offer
Canaccord Adams maintains "buy", 12-month target price is $14.00
Artis REIT (AX.UN : TSX : $16.18)
New Street coverage
CIBC World Markets initiates coverage with a "sector outperform", 12-month target price is $19.00
Bear Ridge Resources (BER : TSX : $1.54)
Q4 production and net debt in line
GMP Securities maintains "buy", 12-month target price is $2.00
BFI Canada Income Fund (BFC.UN : TSX : $26.65)
Plans for a new landfill in the Calgary area
RBC Capital Markets upgrades to "sector perform", 12-month target price is raised to $27.00
Biovail (BVF : TSX : $24.53 | NYSE : US$20.92)
Strong Q4
BMO Capital Markets maintains "outperform", 12-month target price is raised to US$26.00
CIBC World Markets maintains "sector perform", 12-month target price is US$22.00
RBC Capital Markets maintains "outperform", 12-month target price is US$24.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $22.00
COM DEV International (CDV : TSX : $5.85)
Q1 beats expectations
BMO Capital Markets maintains "outperform", 12-month target price is cut to $7.50
CIBC World Markets maintains "sector outperform", 12-month target price is $8.00
GMP Securities maintains "buy", 12-month target price is $7.60
Haywood Securities maintains "sector outperform", 12-month target price is $8.00
Cangene Corp. (CNJ : TSX : $8.01)
Lower Q2 revenues
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
Coastal Contacts Inc. (COA : TSX : $0.99)
Mixed Q1
Canaccord Adams maintains "buy", 12-month target price is cut to $1.35
Labopharm Inc. (DDS : TSX : $6.90)
Releases financial results
Blackmont Capital maintains a "buy", 12-month target price is $10.00
Digital Dispatch Systems Inc. (DD : TSX : $3.09)
Fourth-quarter a mixed bag; outlook disappointing
GMP Securities maintains a "hold", target price cut to $3.00
Ember Resources (EBR : TSX : $2.80)
2006 results meet estimates
BMO Nesbitt Burns maintains a "market perform", target price is $3.25
Raymond James maintains "market perform", 6-12 month target price is $2.50
Empire Company (EMP.A : TSX : $41.00)
Weak Q3
Scotia Capital Markets maintains "sector perform", 12-month target price is $44.50
EPCOR Power L.P. (EP.UN : TSX : $26.40)
Good Q4 results
BMO Nesbitt Burns maintains a "market perform", target price cut to $26.50
Canaccord Adams maintains a "buy", target price is $28.00
CIBC World Markets maintains "sector perform", 12-month target price is $27.00
Desjardins Securities reiterates "hold", target price is $27.00
RBC Capital Markets maintains a "underperform", target price cut to $25.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $26.00
TD Newcrest maintains a "hold", 12-month target price is $27.25
Flint Energy Services Ltd. (FES : TSX : $25.98)
Future looking bright
Blackmont Capital maintains a "buy", 12-month target price is $38.50
TD Newcrest maintains a "buy", 12-month target price is $36.00
First Uranium (FIU : TSX : $9.97)
Updating valuation
RBC Capital Markets maintains a "outperform", target price cut to $12.00
CHC Helicopter (FLY.A : TSX : $22.89 | FLI : NYSE : US$19.50)
Lower Q3 results
RBC Capital Markets maintains "underperform", 12-month target price is $24.00
First Quantum Minerals (FM : TSX : $64.09)
Weaker than expected fourth quarter; outlook remains strong
CIBC World Markets maintains a "sector perform", target price is $70.00
RBC Capital Markets rates a "outperform", target price cut to $80.00
Gateway Casinos Income Fund (GCI.UN : TSX : $19.50)
Weaker than expected fourth-quarter results
Blackmont Capital maintains a "hold", 12-month target price is $19.00
RBC Capital Markets maintains a "outperform", target price not provided
Scotia Capital Markets maintains "sector outperform", 12-month target price is $20.50
CGI Group (GIB.A : TSX : $9.82)
Takeover speculation
CIBC World Markets maintains "sector perform", 12-month target price is $9.50
Golden Star Resources (GSC : TSX : $4.59 | GSS : AMEX : US$3.89)
Time for management to deliver
CIBC World Markets maintains a "sector perform", target price raised to US$4.50
Iamgold Corp. (IMG : TSX : $8.81 | IAG : NYSE : US$7.50)
Earnings reduced on higher depreciation, but shares remain very cheap
Blackmont Capital maintains a "buy", 12-month target price is cut to $12.50
Canaccord Adams maintains a "buy", target price is US$12.00
Morneau Sobeco Income Fund (MSI.UN : TSX : $12.02)
Fourth-quarter in line; increases distribution
BMO Nesbitt Burns maintains a "outperform", target price raised to $12.50
180 Connect Inc. (NCT.U : TSX : $2.30)
Further signs of improvement
BMO Nesbitt Burns maintains a "market perform", target price raised to $3.00
GMP Securities maintains a "buy", target price is $3.00
Nortel Networks Corp. (NT : TSX : $31.95 | NYSE : US$27.13)
Little surprises expected from results
RBC Capital Markets maintains a "sector perform", target price is US$32.00
Open Range Energy (ONR : TSX : $2.65)
Q4 came in as expected
Canaccord Adams maintains "buy", 12-month target price is $4.00
GMP Securities maintains "buy", 12-month target price is $4.75
RBC Capital Markets maintains "outperform", 12-month target price is $4.00
Pembina Pipeline Income Fund (PIF.UN : TSX : $16.29)
2006 EPU lower than expected
BMO Capital Markets maintains "market perform", 12-month target price is $15.00
TD Newcrest maintains "hold", 12-month target price is raised to $14.50
Potash Corp. of Saskatchewan (POT : TSX : $180.32 | NYSE : US$153.50)
Price increases gaining momentum
RBC Capital Markets rates "outperform", 12-month target price is raised to US$180.00
Radiant Communications (RCN : TSX-V : $1.05)
Attractive takeover candidate
Haywood Securities rates "sector outperform", 12-month target price is $1.70
Real Resources (RER : TSX : $8.84)
Reserve revisions
Raymond James maintains "strong buy", 6-12 month target price is cut to $19.50
RBC Capital Markets rates "sector perform", 12-month target price is $12.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $12.00
Rogers Sugar Income Fund (RSI.UN : TSX : $4.00)
Declining gas price is postivie for Rogers
Scotia Capital Markets maintains "sector perform", 12-month target price is $4.15
SemBioSys Genetics (SBS : TSX : $3.02)
Well financed with plenty of news flow
Canaccord Capital maintains "buy", 12-month target price is $7.70
Raymond James maintains "strong buy", 6-12 month target price is cut to $9.50
SFK Pulp Fund (SFK.UN : TSX : $4.93)
Results below expectation
RBC Capital Markets rate "underperform", no target price reported
Energy Savings Income Fund (SIF.UN : TSX : $13.04)
Ontario electricity target margins increased
Haywood Securities maintains a "sector outperform", target price is $15.00
TD Newcrest maintains a "hold", 12-month target price is $14.00
SNC-Lavalin Group (SNC : TSX : $34.85)
Acquiring Spain company
Scotia Capital Markets maintains "sector outperform", 12-month target price is $39.00
Sound Energy Trust (SND.UN : TSX : $3.99)
Challenges continue
TD Newcrest maintains "hold", 12-month target price is cut to $4.50
Strongco Income Fund (SQP.UN : TSX : $8.99)
Distribution cut announced
BMO Nesbitt Burns maintains "market perform", 12-month target price is cut to $10.00
Desjardins Securities rates "hold", 12-month target price is cut to $11.00
Sherritt International (S : TSX : $15.57)
Record highs in Nickel
Desjardins Securities rates "buy", 12-month target price is $19.15
Stylus Energy (STY : TSX : $2.00)
Results below expectation
BMO Nesbitt Burns maintains "market perform", 12-month target price is $3.00
Savanna Energy Services (SVY : TSX : $18.65)
Q4/06 results released
RBC Capital Markets rates "top pick", no target price reported
Transcontinental Inc. (TCL.A : TSX : $20.99)
Q1/07 results
BMO Nesbitt Burns rates "market perform", 12-month target price is $23.00
CIBC World Markets maintains "sector perform", 12-month target price is $24.00
Desjardins Securities rates "hold", 12-month target price is $22.00
RBC Capital Markets rates "outperform", 12-month target price is $25.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $24.75
TD Newcrest maintains "hold", 12-month target price is $23.00
TLC Vision Corporation (TLC : TSX : $6.23 | TLCV : NASDAQ : US$5.31)
Weak Q4
Scotia Capital Markets maintains "sector underperform", 12-month target price is $5.00
Talisman Energy (TLM : TSX : $18.84 | NYSE : US$16.05)
Southeast Asian portfolio tended to be overlooked
Scotia Capital Markets maintains "sector outperform", 12-month target price is $24.75
20-20 Technologies (TWT : TSX : $7.01)
Margins slightly weaker than expected
BMO Nesbitt Burns rates "market perform", 12-month target price is $ 7.50
TD Newcrest rates "buy", 12-month target price is $8.50
Vault Energy Trust (VNG.UN : TSX : $4.24)
Q4 cash flow down 63% from last year
Canaccord Capital maintains "buy", 12-month target price is $6.00
Scotia Capital Markets upgrades to "sector perform", 12-month target price is $4.50
West Energy Ltd. (WTL : TSX : $3.59)
Solid year end reserve growth
GMP Securities maintains "buy", 12-month target price is $8.00
Ear on the Street
ATS Automation Tooling Systems (ATA : TSX : $9.05)
Photowatt IPO delayed
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $12.50
Bombardier Inc. (BBD.B : TSX : $4.58)
Q4 preview
BMO Capital Markets maintains "underperform", 12-month target price is $3.20
Scotia Capital Markets maintains "sector underperform", 12-month target price is $3.50
Bear Ridge Resources (BER : TSX : $1.42)
Q4 in line
BMO Capital Markets maintains "outperform", 12-month target price is $2.25
Cascades Inc. (CAS : TSX : $12.01)
Q4 shortfall
BMO Capital Markets maintains "outperform", 12-month target price is $15.50
Coalcorp Mining (CCJ : TSX : $0.58)
Closes equity financing
GMP Securities maintains "buy", 12-month target price is $0.95
Canadian Helicopters (CHL.UN : TSX : $10.01)
Q4 cash flow better than expected
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $10.50
Cangene Corp. (CNJ : TSX : $8.15)
WinRho sale is expected to pick up in fiscal Q3
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $11.00
Dynatec Corp. (DY : TSX : $3.01)
Higher Nickel price forecast
GMP Securities maintains "buy", 12-month target price is $4.10
Equinox Minerals Limited (EQN : TSX : $2.12)
The closing of $211 million financing
RBC Capital Markets maintains "underperform", 12-month target price is $2.40
Equitable Group Inc. (ETC : TSX : $32.99)
Equitable Trust issued $12.5 million debt
Blackmont Capital maintains "buy", 12-month target price is $40.00
Flint Energy Services Ltd. (FES : TSX : $25.39)
Q4 EPS above estimates
RBC Capital Markets maintains "outperform", 12-month target price is cut to $35.00
Forzani Group (FGL : TSX : $19.24)
Q4 preview
Scotia Capital Markets maintains "sector outperform", 12-month target price is $22.50
Fortis Inc. (FTS : TSX : $27.20)
Terasen acquisition looks attractive
RBC Capital Markets maintains "outperform", 12-month target price is $33.00
Gateway Casinos Income Fund (GCI.UN : TSX : $19.23)
Q4 impacted by strike and bad weather
BMO Capital Markets upgrades to "outperform", 12-month target price is raised to $21.50
Raymond James maintains "strong buy", 6-12 month target price is $24.00
RBC Capital Markets maintains "outperform", 12-month target price is $20.00
Scotia Capital Markets downgrades to "sector perform", 12-month target price is $20.50
TD Newcrest maintains "hold", 12-month target price is raised to $18.00
High River Gold Mines (HRG : TSX : $2.08)
Q4 preview
RBC Capital Markets maintains "sector perform", 12-month target price is $2.75
Versacold Income Fund (ICE.UN : TSX : $9.83)
Q4 in line
Scotia Capital Markets downgrades to "sector underperform", 12-month target price is $9.00
Iamgold Corp. (IMG : TSX : $8.77 | IAG : NYSE : US$7.43)
Attractive valuation; costs to be challenge in 2007
BMO Nesbitt Burns maintains a "outperform", target price cut to $12.75
RBC Capital Markets maintains a "outperform", target price cut to US$12.00
Quebecor World (IQW : TSX : $14.60 | NYSE : US$12.41)
Worst is behind the company?
RBC Capital Markets maintains a "underperform", target price is US$12.50
Isotechnika Inc (ISA : TSX : $1.35)
Releases 2006 results; outlook remains bullish
RBC Capital Markets maintains a "outperform", target price cut to $4.00
Labrador Iron Ore Royalty (LIF.UN : TSX : $26.67)
Challenges to persist
RBC Capital Markets maintains a "underperform", 12-month target price is $23.50
MGM Energy (MGX : TSX : $5.19)
Northern exposure
TD Newcrest initiates coverage with a "buy", 12-month target price is $9.00
Methanex Corp. (MX : TSX : $27.45 | MEOH : NASDAQ : US$23.33)
Methanol spot price plunges 20%
Canaccord Adams maintains a "sell", target price is US$16.00
Nortel Networks Corp. (NT : TSX : $31.09 | NYSE : US$26.40)
Releases 2006 year-end results
RBC Capital Markets maintains a "sector perform", target price is US$32.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $40.00
TD Newcrest maintains a "buy", 12-month target price is US$35.00
Onex Corporation (OCX : TSX : $30.51)
Upside from growth of third party management business
GMP Securities upgrades to "buy", target price raised to $38.70
Petro-Canada (PCA : TSX : $41.77 | PCZ : NYSE : US$35.44)
Shares oversold?
Scotia Capital Markets maintains "sector perform", 12-month target price is $61.50
Quest Capital Corp. (QC : TSX : $3.22 | QCC : AMEX : US$2.76)
Q4 results; Strong growth in loan portfolio
Canaccord Adams maintains a "hold", target price raised to $3.40
GMP Securities maintains a "buy", target price cut to $4.20
TD Newcrest maintains a "hold", 12-month target price is $3.25
Royal Host REIT (RYL.UN : TSX : $7.09)
Q4 shows improvement
CIBC World Markets maintains "sector underperform", 12-month target price is raised to $7.35
SFK Pulp Fund (SFK.UN : TSX : $4.95)
Reported Q4 DCFPU
CIBC World Markets rates "sector perform", 12-month target price is cut to $4.50
RBC Capital Markets rate "sector perform", 12-month target price is $4.75
Scotia Capital Markets maintains "sector perform", 12-month target price is $4.50
TD Newcrest maintains "buy", 12-month target price is cut to $5.25
Sherritt International (S : TSX : $15.88)
Higher nickel prices
GMP Securities maintains "buy", 12-month target price is $18.00
Savanna Energy Services (SVY : TSX : $18.80)
International expansion opportunities
BMO Nesbitt Burns maintains "market perform", 12-month target price is $21.00
Canaccord Capital rates "buy", 12-month target price is $26.00
RBC Capital Markets rate "top pick", 12-month target price is $27.00
TD Newcrest maintains "hold", 12-month target price is raised to $23.00
TerraVest Income Fund (TI.UN : TSX : $6.50)
Energy related business remains uncertain
Raymond James rate "market perform", 12-month target price is $6.50
RBC Capital Markets rates "underperform", 12-month target price is $6.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $5.00
TD Newcrest maintains "hold", 12-month target price is $6.00
Uni-Select Inc. (UNS : TSX : $31.23)
Acquisitions could add to EPS
Desjardins Securities maintains "buy", 12-month target price is $31.00
RBC Capital Markets rate "outperform", 12-month target price is $38.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $35.00
Warnex Inc (WNX : TSX : $0.31)
Discontinuation of diagnostics division
GMP Securities maintains "buy", 12-month target price is cut to $0.50
West Energy Ltd. (WTL : TSX : $3.60)
Upward revision in oil reserves
RBC Capital Markets rate "outperform", 12-month target price is $6.25
News last week on a couple of our Techs.
1) Bioscrypt (BYT.T $0.79) has been weak with everyone else but they closed their acquisition of A4Vision and added big names as institutional investors in a private placement. These include Motorola, Tako Ventures (owned by Larry Ellison - billionaire CEO of Oracle), Logitech (the leading computer peripherals manufacturer), NTT Leasing (financial subsidiary of Japan’s NTT Group), and Singapore Technologies (a leading technology- based multinational conglomerate). - on a fully diluted basis, this group will own approx. 32% of the company. www.bioscrypt.com
2) NStein (EIN.V $0.85) released financials and they continue to report strong growth. Q4 revenue is up 162% over last year and 38% over the previous quarter. Almost $4 million in revenue with marginal loss so this continues to be a strong tech speculation for us (along with Bioscrypt). www.nstein.com
Plug Power (PLUG/NASDAQ $3.00)
www.plugpower.com
Hydrogen Fuel Cells
PLUG was introduced last month near $3.70 and was well on its way through $4 before the recent market correction let the wind out of our sails. Now I also believe the selling pressure was coming from those who knew the company was about to invest U.S. $45 million in B.C. based Cellex Power (announced Thursday). Plug Power is flush with cash and even after accounting for this acquisition, should have almost $220 million in the bank. However, this was a big cash outflow even for PLUG, and a big gamble.
Cellex just completed important field trials with Wal- Mart (electric lift trucks in one of their large distribution centers) and Plug is saying Cellex is the leader in fuel cell power solutions for industrial vehicles. This is a huge global market and when combined with Plug's proven fuel cell technologies, there may be strong growth opportunities here. Spending $45 million is a risk none-the-less.
We'll continue to follow PLUG because Bush has given this industry a huge boost and the company is still flush with cash. Valuation though is tough. Friday it traded $5 million worth of stock and likely tested its low last week. With one of the wealthiest Russians owning a large chunk of the company, there is still strong potential over the mid to long term.
Reverse Splits - A Huge Red Flag (GOPG)
GlobalOptions Group (GOPG $9.45 was GLOI)
www.globaloptions.com
This is a perfect example of why some people (who have the best intentions) should not run microcap companies. In this case, their decision (a stupid one) to execute an 8:1 reverse split did nothing but burn their small shareholders. They took what could have been a great speculation, and turned it into a mess - in the blink of an eye
I introduced this company mid February at $1.45 (post- split equivalent $11.60) and a week later the stock was at $1.90 (post-split equivalent $15.20) as they tried to push this higher on impending reverse split news. Even with the quick run, our timing was terrible. Had we known about this split, I wouldn't have touched this with a ten foot pole.
We're dropping coverage and its unfortunate, as fundamentally this remains an excellent company. With revenue approaching $100 million and one of the top security companies in the industry, it was a strong microcap speculation and even Canaccord had a $5 target on them (at least before the split was announced).
I sent a note to our paid subscribers on Feb 22nd while the stock was at $1.90 (post-split equivalent $15.20). Unfortunately I was not able to update free subscribers the following week as the share price fell to $1.40 in subsequent days (the point at which we first started following them). Tight liquidity would have made the situation worse as my negative outlook would have added fuel to the fire.
For a microcap newsletter, a $16 stock is not exactly something that fits our mandate. Why they feel they needed such a big split is beyond me. The higher price obviously makes it much easier for large institutional ownership and listing on a major stock exchange, but they could have also done this with a 3:1
Frequently stocks fall after a reverse split and management should have known this. Its easier getting a stock of this nature from $1.50 to $3.00 than it is $16 to $32. The company may expect to attract new institutional money, but they better treat them better than they have their existing shareholders.
Danny Deadlock
Microcap.com
--------------------------------------------------------------------------------
email: microcap@telus.net
web: http://www.microcap.com
From feast to famine: Farewell, easy credit
BARRIE McKENNA
Friday, March 16, 2007
WASHINGTON — Coming soon to a theatre near you: Revenge of the Ninja.
HCL Finance Inc., a San Jose, Calif.-based subprime mortgage lender, made a name for itself at the height of the California real estate boom with a signature loan it called the NINJA – No Income, No Job, No Assets.
Distressingly, HCL wasn't alone in offering these and other exotic mortgages to millions of Americans least able to take on debt.
How lenders such as HCL got so deeply into the low-brow business of lending to the riskiest home buyers helps explain the spectacular meltdown of the U.S. subprime mortgage market.
And if experts are right, worries about the $10-trillion (U.S.) in mortgages out there could soon infect other areas of consumer credit, helping to drag the planet's largest economy closer to recession, along with dependent countries.
“This is spreading beyond the subprime market,” warns economist Joseph Mason, a former federal bank regular who now teaches finance at Drexel University's LeBow School of Business. “There's starting to be spillover into prime loans.”
This isn't about failing financial institutions or even foreclosures – though that is happening. Most experts agree a rationalization of mortgage lenders would probably be a good thing in the long run. The broader concern is that problems in the mortgage market could unleash a classic credit crunch, rippling through the rest of the economy and eventually to Canada. This would dry up the free and easy credit that has fuelled purchases of everything from homes to cars, couches and big-screen TVs.
Disturbingly, bankers, investors and regulators have seen this movie before. The boom-bust scenario now playing out the market for subprimes – loans to the riskiest borrowers – is remarkably similar to other recent episodes when the basic principles of sound lending were ignored or forgotten, until it was too late. There was the technology bubble of the late 1990s, as well as the trust and savings-and-loan crises of the 1980s.
Then, as now, financial institutions dramatically reined in credit after getting burned on bad loans. Indeed, the flight of lenders from the tech bubble of the late 1990s drove many of them toward the perceived stability of consumer credit – including home equity loans and mortgages.
How the industry got in this mess, again, is a disturbing tale of lending excess.
The simple explanation for why HCL and other lenders made seemingly uneconomic loans is because they could. A thriving aftermarket quickly turns subprime mortgages into bonds, flipping the revenue stream to investors around the world. Most banks no longer keep the loans in-house, so they don't care if homeowners can't keep up with payments. Instead, they make money on lucrative fees and push the risk up the line to an investment dealer such as Merrill Lynch & Co. Inc. or Goldman Sachs Group Inc., which then passes it on to hedge fund and pension fund investors.
The dirty little secret of the mortgaged-backed securities market is in the packaging. Investment dealers bundle the loans into collateralized debt obligations, or CDOs, which are then sliced into tranches, based on risk.
Investors who take the low-risk loans get a relatively low interest rate, but are first in line to get paid in the event of a foreclosure. The high-risk tranches offer much higher returns, making them attractive to hedge funds, mutual funds and other investors. But if there are foreclosures on the underlying mortgages, they are last to get their money out.
The catch is that U.S. pension rules require the riskiest tranches of any CDO be sold first in order for the bonds to be eligible for pension funds and mutual funds. This, critics argue, has given many of these bonds an aura of safety and stability they don't deserve.
It was similar during the heyday of dot.coms, when investors and bankers piled in simply because their peers were already on board, without asking tough questions about the viability of underlying businesses. Likewise, in the go-go mentality of the mid-1980s, lenders and borrower alike believed they were recession-proof, even as interest rates soared.
The same psychology infected the post-millennium housing market. While the housing market was soaring, demand for high-yield mortgage bonds was insatiable, pushing lenders to find ever-riskier loans to sell. And home buyers, desperate to get in on the real estate boom, were far too eager to take on debt, ignoring fine print about escalating interest rates and other catches. As long as house prices were rising, the owner could extract equity to pay off the loan. Likewise, the lender felt secure because it was always possible to foreclose and sell the property for more money.
It was a match of buyer and seller that was too good to be true. Home ownership shot up to a record of nearly 70 per cent. In the past four years alone, mortgage debt has risen by $9.5-trillion.
There is no end to the exotic offerings from banks and mortgage companies, including “balloon mortgages” in which homeowners pay only interest for up to a decade, no-down-payment loans, or low teaser rates that ratchet up in subsequent years. Then, of course, there's the NINJA, where the lender essentially turns a blind eye to borrowers' obvious red flags for risk.
The result of all this no-questions-asked money has been, well, entirely predictable. In Mississippi and Alabama, one in 10 homeowners is no longer making payments on his or her mortgage. The rate is only slightly better in other key states, including the auto industry heartland of Ohio, Michigan and Indiana.
Over all, the percentage of U.S. mortgages in foreclosure hit a seasonably adjusted rate of 0.54 per cent at the end of 2006 – the highest reading in nearly four decades of record-keeping, according to figures released this week by the U.S. Mortgage Bankers Association.
The impact is already starting to blight entire neighbourhoods.
“We have found neighbourhoods with abandoned homes, 200 at a shot,” Louise Gissendaner, senior vice-president and director of community development in Cleveland at Fifth Third Bancorp, reported recently to the Federal Reserve Board's consumer advisory council. Abandoned homes, she lamented, have “devastated our city to a great degree.”
Last year, there were roughly 1.2 million foreclosures across the United States. Experts predict another 1.5 million families could lose their homes this year as lenders foreclose.
As defaults and foreclosures mount, the appetite is waning for high-risk mortgage bonds, undermining the entire mortgaged-backed securities market. Many subprime lenders are simply closing up shop and exiting the business as investors put the squeeze on mortgage companies.
“I am seeing fear and panic in the faces of everyone here from the CEO on down,” an unidentified account executive at a major subprime lender wrote on a real estate blog this week. “Wall Street is breaking our balls hard over early defaults and forcing us to buy back bad paper.”
And the worst, the executive warned, may be yet to come as automatic rate-resetting clauses for many borrowers are “due to explode and [they] will be unable to refinance due to diminished home values.”
In recent weeks, the spreads between the triple-A-rated tranches and lower grades has ballooned – another sign that dealers are having a tough time structuring deals as investors get spooked.
Interestingly, the way mortgages are converted into bonds is virtually identical to the mechanism by which all other forms of consumer debt are securitized, including home equity lines of credit, student loans, car loans and credit cards. As a result, these markets too may be caught up in the subprime downdraft, according to Mr. Mason of Drexel University.
“This technology of funding is not in any way isolated to mortgages,” he explained. “The funding crunch that we see is not just going to affect subprimes, especially if consumers start turning down in their spending. We're going to see fewer loans of all kinds being made.”
He pointed out that lenders have been pushing consumers into home equity lines of credit as they max out other forms of debt, such as credit cards.
“There's no firewall between the subprime market and the rest of the mortgage market,” insisted Nicolas Retsinas, director of the Joint Center for Housing at Harvard University.
Mr. Retsinas, a former savings-and-loan regulator, said some of the lending practices that people associate with subprime lending have clearly “leaked” to the prime market, including aggressive marketing of exotic mortgages.
And it is the interconnectedness of credit markets that should concern Canadians.
Canadian mortgage lenders are quick to point out that they're largely immune to the U.S. problem because subprime loans represent a tiny share of the mortgage market (5 per cent compared with more than 20 per cent in the United States). The housing market is so far holding up well, and Canadian lenders have been a lot less aggressive in chasing customers, who unlike Americans, can't deduct mortgage interest charges from their taxes. But Canada would get walloped anyway if credit conditions tighten significantly, triggering a U.S. recession.
It wasn't supposed to play out this way.
From Wall Street and Bay Street to the White House and the Fed, the reassurances about subprime lending have been remarkably similar for months now: Don't worry. The problem is marginal, manageable and contained. U.S. Treasury Secretary Henry Paulson repeated those assurances this week, noting that the fallout in subprime mortgages is “going to be painful to some lenders, but it is largely contained.”
And yet every week brings new evidence that the crisis is spreading.
New Century Financial, the No. 2 U.S. subprime lender, is hurtling toward apparent bankruptcy. Stock in Accredited Home Lenders of San Diego, another major subprime lender, has plunged and the company says it's looking for new capital to stay in business. Two dozen other subprime lenders have already gone bankrupt or simply stopped making new loans.
There is also evidence bankers are starting to get more cautious. The latest survey of loan officers by the Federal Reserve showed the percentage of banks that have tightened their lending standards in the three months ended in January was the highest since mid-1991.
So how close are we to recession? If house values continue to fall sharply and the Fed doesn't come through with interest rate relief soon, the probability of a recession later this year “is very close to 100 per cent,” economist David Rosenberg of Merrill Lynch warned.
Ear on the Street
Alamos Gold Inc. (AGI : TSX : $7.81)
F06 financials; Au recoveries challenge Mulatos project
Canaccord Adams maintains a "hold", target price cut to $7.70
CIBC World Markets maintains a "sector perform", target price cut to $10.00
Haywood Securities maintains a "sector outperform", target price cut to $9.00
Raymond James maintains a "outperform", 6-12 month target price cut to $10.50
RBC Capital Markets maintains a "sector perform", target price cut to $9.00
TD Newcrest maintains a "hold", 12-month target price is cut to $8.50
Anvil Mining Limited (AVM : TSX : $16.04)
Solid plan for production and creating value
RBC Capital Markets initiates coverage with a "sector perform", 1-year target price is $18.00
Bonavista Energy Trust (BNP.UN : TSX : $28.79)
Q4 in line
CIBC World Markets maintains "sector perform", 12-month target price is raised to $31.00
RBC Capital Markets maintains "outperform", 12-month target price is raised to $27.00
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $30.00
TD Newcrest maintains "buy", 12-month target price is raised to $30.00
Centerra Gold Inc. (CG : TSX : $12.15)
Heightened Kyrgyzstan political risk
RBC Capital Markets maintains "outperform", 12-month target price is $19.00
CML Healthcare Income Fund (CLC.UN : TSX : $14.16)
Q4 in line
CIBC World Markets maintains "sector perform", 12-month target price is $13.50
Raymond James maintains "outperform", 6-12 month target price is $14.00
RBC Capital Markets maintains "sector perform", 12-month target price is $14.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $15.00
TD Newcrest maintains "hold", 12-month target price is raised to $15.00
Celtic Exploration (CLT : TSX : $12.55)
Q4 meets expectations
Canaccord Adams maintains "buy", 12-month target price is $15.00
RBC Capital Markets maintains "outperform", 12-month target price is $16.00
TD Newcrest maintains "buy", 12-month target price is $17.00
Canadian National Railway (CNR : TSX : $51.21)
Strike and weather will lower Q1 EPS
Scotia Capital Markets maintains "sector outperform", 12-month target price is $72.00
Canadian Pacific Railway (CP : TSX : $63.85)
Strike and weather will lower Q1 EPS
Scotia Capital Markets maintains "sector outperform", 12-month target price is $76.00
Catalyst Paper (CTL : TSX : $3.70)
New president & CEO
Raymond James maintains "underperform", 6-12 month target price is $3.25
Cominar REIT (CUF.UN : TSX : $25.52)
Q4 meets expectations
Canaccord Adams maintains "buy", 12-month target price is raised to $27.00
Desjardins Securities maintains "hold", 12-month target price is raised to $26.00
RBC Capital Markets maintains "sector perform", 12-month target price is $26.00
Scotia Capital Markets downgrades to "sector perform", 12-month target price is raised to $24.50
Dundee REIT (D.UN : TSX : $40.22)
Posts solid fourth-quarter results
TD Newcrest maintains a "buy", 12-month target price is $46.00
Denison Mines Corp. (DML : TSX : $13.69)
Outlook meets expectations
GMP Securities maintains a "buy", target price is $18.00
Eveready Income Fund (EIS.UN : TSX : $6.00)
Bottom line missed in fourth quarter
Blackmont Capital maintains a "buy", 12-month target price is cut to $7.00
Flint Energy Services Ltd. (FES : TSX : $25.84)
Fourth quarter results meet estimates
Blackmont Capital maintains a "buy", 12-month target price is $38.50
RBC Capital Markets maintains a "outperform", target price not provided
Flagship Energy (FG.A : TSX-V : $0.60)
Negative outlook after significantly negative reserve revision
GMP Securities downgrades to "reduce", target price cut to $0.85
CHC Helicopter (FLY.A : TSX : $22.38 | FLI : NYSE : US$18.97)
Q3 misses
RBC Capital Markets maintains "underperform", 12-month target price is not given
First Quantum Minerals (FM : TSX : $65.40)
Q4/06 results disappointing, due mainly to realized copper price
Canaccord Adams maintains a "buy", target price is $70.00
Desjardins Securities reiterates "hold", target price is $67.30
Haywood Securities downgrades to "sector underperform", target price cut to $61.00
Raymond James maintains a "strong buy", 6-12 month target price is $105.00
Gateway Casinos Income Fund (GCI.UN : TSX : $19.35)
Looking at fourth-quarter and year-end results
Blackmont Capital maintains a "hold", 12-month target price is $19.00
Galleon Energy (GO.A : TSX : $15.36)
Q4 in line
Scotia Capital Markets downgrades to "sector perform", 12-month target price is cut to $21.25
Golden Star Resources (GSC : TSX : $4.67 | GSS : AMEX : US$3.96)
Adding value for Prestea underground
Canaccord Adams maintains a "buy", target price raised to US$5.50
Harvest Energy Trust (HTE.UN : TSX : $27.25)
Results in line with expectations
TD Newcrest maintains a "buy", 12-month target price is $28.00
Innergex Power Income Fund (IEF.UN : TSX : $13.17)
Releases slightly disappointing fourth-quarter results
CIBC World Markets maintains a "sector perform", target price is $14.00
RBC Capital Markets maintains a "outperform", target price is $14.00
TD Newcrest maintains a "hold", 12-month target price is $14.00
IPC US REIT (IUR.U : TSX : US$12.15)
Posts in line Q4 DIPU
CIBC World Markets maintains a "sector outperform", target price raised to US$14.00
Kingsway Financial Services (KFS : TSX : $21.25)
Attractive valuation
Scotia Capital Markets maintains "sector perform", 12-month target price is $29.00
Linamar Corp. (LNR : TSX : $14.89)
Low tax in Hungary
RBC Capital Markets rate "outperform", 12-month target price is $17.00
LAB Research (LRI : TSX : $5.99)
Q4 results ahead of expectations
Desjardins Securities upgrades to "buy", 12-month target price is $6.75
180 Connect Inc. (NCT.U : TSX : US$2.36)
Merger agreement
GMP Securities rates "buy", 12-month target price is US$3.00
Haywood Securities maintains "sector perform", 12-month target price is US$2.60
North West Company Fund (NWF.UN : TSX : $17.54)
Expect 8.3% rise in sales
RBC Capital Markets rate "outperform", 12-month target price is $18.50
Open Text (OTC : TSX : $25.02)
Updated proforma tax assumptions
RBC Capital Markets maintains "outperform", 12-month target price is $26.00
Pollard Banknote Income Fund (PBL.UN : TSX : $10.01)
Solid year, stable margins
RBC Capital Markets rate "sector perform", 12-month target price is $9.50
Richmont Mines (RIC : TSX : $2.70)
Conditional bid made for partner
Blackmont Capital maintains "buy", 12-month target price is $4.05
Sobeys Inc. (SBY : TSX : $39.10)
Significant deterioration in margins
TD Newcrest rates "reduce', 12-month target price is cut to $38.00
Strongco Income Fund (SQP.UN : TSX : $9.59)
Disappointing Q4
Canaccord Capital downgrades to "sell", 12-month target price is cut to $10.50
Teck Cominco Ltd. (TCK.B : TSX : $78.16)
Lower copper and zinc prices forecast
Desjardins Securities maintains "buy", 12-month target price is $98.85
Transcontinental Inc. (TCL.A : TSX : $20.26)
Improving value and profit catalyst outlook
Scotia Capital Markets maintains "sector outperform", 12-month target price is $24.50
Transat A.T. (TRZ.B : TSX : $32.14)
1Q/07 better than expected
CIBC World Markets maintains "sector perform", 12-month target price is raised to $40.00
Desjardins Securities downgrade to "hold", 12-month target price is raised to $34.00
RBC Capital Markets rates "sector perform", 12-month target price is $35.00
Scotia Capital Markets downgrades to "sector perform", 12-month target price is $37.25
TD Newcrest rates "buy", 12-month target price is raised to $37.00
Xceed Mortgage Corp. (XMC : TSX : $6.61)
Strong results despite sub-prime
Blackmont Capital rates "speculative buy", 12-month target price is $9.00
Desjardins Securities upgrades to "buy", 12-month target price is $8.20
GMP Securities maintains "buy", 12-month target price is $9.45
TD Newcrest maintains "hold", 12-month target price is raised to $7.50
Ear on the Street
Algoma Steel (AGA : TSX : $49.00)
Company for sale
BMO Capital Markets maintains "outperform", 12-month target price is $60.00
Abitibi-Consolidated (A : TSX : $3.16 | ABY : NYSE : US$2.70)
Lower newsprint price outlook forecast
TD Newcrest maintains "hold", 12-month target price is cut to $3.50
Aurora Energy Resources (AXU : TSX : $14.06)
Analysts revise up in situ uranium values
Canaccord Adams upgrades to "buy", 12-month target price is raised to $21.00
BFI Canada Income Fund (BFC.UN : TSX : $26.93)
Organic growth helps Q4 results exceed forecasts
RBC Capital Markets maintains a "underperform", target price raised to $24.50
Blue Pearl Mining (BLE : TSX : $9.34)
Announces plans to prepay Second Lien Credit Facility
GMP Securities maintains a "buy", target price raised to $12.00
Biovail (BVF : TSX : $24.18 | NYSE : US$20.57)
Fourth-quarter results expected tomorrow
RBC Capital Markets maintains a "outperform", target price is US$24.00
Bowater Inc. (BWX : TSX : $27.95 | BOW : NYSE : US$23.10)
Next couple years to see more conservative newsprint price
TD Newcrest maintains a "hold", 12-month target price is cut to US$26.00
Canfor Corporation (CFP : TSX : $12.00)
Voting agreement formed by three institutional investors who collectively own 52% of common shares
RBC Capital Markets continues to rate "sector perform", target price is $11.00
CML Healthcare Income Fund (CLC.UN : TSX : $14.50)
Fourth-quarter results expected this morning
Blackmont Capital maintains a "buy", 12-month target price is $15.50
Carmanah Technologies (CMH : TSX : $3.28)
Disappointing results
GMP Securities rates a "hold", target price cut to $3.50
CIBC (CM : TSX : $101.73)
Positive takeaways from meeting with management
Desjardins Securities maintains a "buy", target price is $110.00
Cangene Corp. (CNJ : TSX : $8.35)
Receives approval letter from FDA for Accretropin; seven issues raised by FDA
RBC Capital Markets maintains a "sector perform", target price is $10.00
Cordero Energy (COR : TSX : $4.91)
Fourth-quarter results meet expectations
BMO Nesbitt Burns maintains a "outperform", target price is $6.50
Raymond James maintains a "outperform", 6-12 month target price is $7.25
Crescent Point Energy Trust (CPG.UN : TSX : $17.00)
Posts top quartile reserve results
BMO Nesbitt Burns maintains a "outperform", target price is $21.00
Canaccord Adams maintains a "buy", target price is $21.00
Haywood Securities rates a "sector outperform", target price is $19.25
TD Newcrest maintains a "buy", 12-month target price is $18.50
Crew Energy Inc (CR : TSX : $8.91)
Completes restatement of Q4 and annual 2006 statements
RBC Capital Markets maintains a "sector perform", target price cut to $12.00
Chartwell Seniors Housing REIT (CSH.UN : TSX : $16.07)
Looks solid going forward
RBC Capital Markets downgrades to "sector perform", target price raised to $17.00
Crosshair Exploration & Mining (CXX : TSX-V : $3.17)
Analysts revise up in situ uranium values
Canaccord Adams maintains "buy", 12-month target price is raised to $4.60
Dundee REIT (D.UN : TSX : $40.50)
Q4 in line
BMO Capital Markets maintains "outperform", 12-month target price is $44.00
Energy Metals (EMC : TSX : $12.17)
Analysts revise up in situ uranium values
Canaccord Adams maintains "buy", 12-month target price is raised to $14.15
Fairborne Energy Trust (FEL.UN : TSX : $9.00)
Acquired Fairquest Energy Ltd.
Blackmont Capital maintains "buy", 12-month target price is $10.00
BMO Capital Markets maintains "underperform", 12-month target price is cut to $8.50
Raymond James maintains "outperform", 6-12 month target price is $11.50
FNX Mining Company (FNX : TSX : $22.34)
Higher nickel price forecast
Canaccord Adams maintains "buy", 12-month target price is raised to $28.00
Fairquest Energy (FQE : TSX : $3.26)
Combination with Fairborne Energy Trust
BMO Capital Markets maintains "market perform", 12-month target price is cut to $3.50
Raymond James downgrades to "market perform", 6-12 month target price is cut to $3.75
Four Seasons Hotels (FSH : TSX : $95.30 | FS : NYSE : US$81.22)
Q4 in line
RBC Capital Markets maintains "sector perform", 12-month target price is US$82.00
Forsys Metals (FSY : TSX : $7.21)
Analysts revise up in situ uranium values
Canaccord Adams downgrades to "hold", 12-month target price is raised to $7.90
GBS Gold International (GBS : TSX : $2.95)
Q1 production negatively affected by Monsoon rains
Haywood Securities maintains "sector outperform", 12-month target price is cut to $4.90
Imperial Oil (IMO : TSX : $41.53 | AMEX : US$35.37)
Cost estimate doubles for Mackenzie
RBC Capital Markets maintains "sector perform", 12-month target price is $42.00
Ivernia Inc. (IVW : TSX : $1.40)
Port shipments suspended
Haywood Securities changes the rating to "under review", 12-month target price is "under review"
LionOre Mining International (LIM : TSX : $15.93)
Higher nickel price forecast
Canaccord Adams maintains "buy", 12-month target price is raised to $23.00
Loblaw Companies (L : TSX : $47.31)
Under 20% of the business affected by RCSS in Ontario
Desjardins Securities maintains "hold", 12-month target price is $50.00
MGM Energy (MGX : TSX : $5.00)
Mackenzie Valley pipeline delayed
BMO Capital Markets downgrades to "market perform", 12-month target price is cut to $5.25
Masters Energy (MSY : TSX : $2.54)
Q4 CFPS lower than expected
Raymond James maintains "outperform", 6-12 month target price is cut to $3.75
Petro-Canada (PCA : TSX : $41.90 | PCZ : NYSE : US$35.76)
No near term catalyst
BMO Nesbitt Burns maintains "market perform", 12-month target price is cut to $52.00
Royal Host REIT (RYL.UN : TSX : $7.19)
Focus on opportunistic acquisitions
TD Newcrest rates "buy", 12-month target price is $7.50
Scott's REIT (SRQ.UN : TSX : $11.00)
Recent price appreciation
BMO Nesbitt Burns maintains "market perform", 12-month target price is $11.25
Desjardins Securities rates "buy", 12-month target price is $11.95
Synenco Energy (SYN : TSX : $9.90)
Lowering financial estimates
BMO Nesbitt Burns maintains "market perform", 12-month target price is cut to $11.00
TransAlta Corp. (TA : TSX : $24.53 | TAC : NYSE : US$20.80)
Greenhouse gas law
RBC Capital Markets rates "underperform", 12-month target price is $24.00
TransCanada Corp. (TRP : TSX : $38.35 | NYSE : US$32.64)
Higher cost estimate for MVP
RBC Capital Markets rate "outperform", 12-month target price is $46.00
Tournigan Gold (TVC : TSX-V : $2.85)
Awaiting resource estimate
Canaccord Capital rates "speculative buy", 12-month target price is $3.75
Uni-Select Inc. (UNS : TSX : $31.00)
US auto market ripe for consolidation
RBC Capital Markets rates "outperform", 12-month target price is $38.00
Vero Energy (VRO : TSX : $5.70)
Production ahead of forecast
BMO Nesbitt Burns rates "outperform", 12-month target price is $8.00
ZCL Composites (ZCL : TSX : $13.40)
Contract announcement
Raymond James maintains "outperform", 12-month target price is $14.75
Ear on the Street
Aber Diamond Corp. (ABZ : TSX : $39.22)
To report Q4 during the week of March 26
Desjardins Securities maintains "buy", 12-month target price is $53.50
ACE Aviation Holdings (ACE.B : TSX : $31.00)
Trading ex the pending special distribution
RBC Capital Markets rates "outperform", 12-month target price is $47.00
Algoma Steel (AGA : TSX : $45.90)
Ends discussions with Salzgitter
CIBC World Markets rates "sector outperform", 12-month target price is raised to $55.00
GMP Securities maintains "buy", 12-month target price is $57.50
RBC Capital Markets rates "outperform", 12-month target price is $48.00
Alimentation Couche-Tard (ATD.B : TSX : $24.15)
Q3 in line
CIBC World Markets upgrades to "sector outperform", 12-month target price is $30.00
Credit Suisse First Boston rates "neutral", 12-month target price is $27.00
Desjardins Securities maintains "hold", 12-month target price is cut to $26.00
GMP Securities upgrade to "buy", 12-month target price is $27.50
RBC Capital Markets rates "sector perform", 12-month target price is $25.00
TD Newcrest maintains "buy", 12-month target price is $33.00
Bird Construction Income Fund (BDT.UN : TSX : $15.50)
Q4 beats expectations
Blackmont Capital rates "buy", 12-month target price is $19.00
Baytex Energy Trust (BTE.UN : TSX : $19.11)
Solid Q4 results
BMO Nesbitt Burns rates "outperform", 12-month target price is $24.50
Canaccord Capital maintains "buy", 12-month target price is $21.50
CIBC World Markets maintains "sector perform", 12-month target price is $22.00
Raymond James maintains "outperform", 12-month target price is $23.25
RBC Capital Markets rates "sector perform", 12-month target price is $18.75
TD Newcrest upgrades to "buy", 12-month target price is $22.00
Chariot Resources (CHD : TSX : $0.75)
Advance stage copper exploration
RBC Capital Markets rates "outperform", 12-month target price is $0.95
CML Healthcare Income Fund (CLC.UN : TSX : $14.03)
Results better than expected
Blackmont Capital maintains "buy", 12-month target price is $15.50
CanWel Building Materials (CWX.UN : TSX : $3.86)
Housing market forecast to decline
GMP Securities maintains "buy", 12-month target price is $4.00
Cyries Energy Inc. (CYS : TSX : $10.19)
Higher than expected royalties and expenses
BMO Nesbitt Burns maintains "market perform", 12-month target price is cut to $12.00
Raymond James maintains "outperform", 12-month target price is $18.75
Dorel Industries (DII.B : TSX : $33.90 | DIIB : NASDAQ : US$28.84)
Q4 beats expectations
BMO Capital Markets maintains "market perform", 12-month target price is raised to $37.50
Desjardins Securities maintains "hold", 12-month target price is raised to $32.00
RBC Capital Markets maintains "sector perform", 12-month target price is $36.00
Eastern Platinum (ELR : TSX : $1.95)
New Street coverage
GMP Securities initiates coverage with a "buy", 12-month target price is $2.65
Firm Cap Mtg Invest Trust (FC.UN : TSX : $10.79)
Q4 in line
BMO Capital Markets maintains "market perform", 12-month target price is raised to $11.00
TD Newcrest maintains "buy", 12-month target price is $12.00
First Capital Realty (FCR : TSX : $27.32)
Positive outlook remains
CIBC World Markets maintains a "sector perform", target price raised to $29.50
Glencairn Gold (GGG : TSX : $0.59)
More positive exploration results from the Libertad mine
Blackmont Capital maintains "buy", 12-month target price is $0.90
Groupe Laperriere & Verreault (GLV.A : TSX : $27.39)
Looks attractive at current levels
Blackmont Capital maintains a "buy", 12-month target price is $38.50
GENIVAR Income Fund (GNV.UN : TSX : $15.25)
Strong Q4
Raymond James maintains "strong buy", 6-12 month target price is $18.00
Galleon Energy (GO.A : TSX : $15.81)
Q4 CFPS in line
GMP Securities maintains "buy", 12-month target price is $25.00
RBC Capital Markets maintains "outperform", 12-month target price is $21.00
Golden Star Resources (GSC : TSX : $4.69)
Q4 meets expectations
Blackmont Capital maintains "buy", 12-month target price is cut to $6.00
Highpine Oil & Gas (HPX : TSX : $11.90)
Operational challenges persist at Pembina
Blackmont Capital maintains "buy", 12-month target price is $20.00
BMO Capital Markets downgrades to "market perform", 12-month target price is cut to $15.25
RBC Capital Markets maintains "outperform", 12-month target price is $19.00
Harvest Energy Trust (HTE.UN : TSX : $26.83 | HTE : NYSE : US$22.78)
Strong Q4 offset by below average results
BMO Capital Markets maintains "market perform", 12-month target price is $26.00
Canaccord Capital rates "buy", 12-month target price is $29.00
CIBC World Markets rates "sector perform", 12-month target price is $27.00
Raymond James maintains "market perform", 6-12 month target price is cut to $28.00
RBC Capital Markets maintains "outperform", 12-month target price is $30.00
Hardwoods Distribution (HWD.UN : TSX : $5.55)
Q4 sales steady
BMO Capital Markets maintains "market perform", 12-month target price is $5.00
Migenix Inc. (MGI : TSX : $0.58)
Minor delay of Celgosivir clinical data
Canaccord Adams maintains "buy", 12-month target price is $1.50
180 Connect Inc. (NCT.U : TSX : US$2.29)
Announces agreement to merge with Ad.Venture Partners
BMO Nesbitt Burns maintains a "market perform", target price is US$1.80
GMP Securities places recommendation and price target "under review"
Nova Chemicals Corp (NCX : TSX : $34.70 | NYSE : US$29.46)
Challenging market conditions remain
RBC Capital Markets rates a "sector perform", target price cut to $33.00
Petrobank Energy and Resources (PBG : TSX : $21.87)
Reports in line results
TD Newcrest maintains a "speculative buy", 12-month target price is $31.00
Jean Coutu Group (PJC) (PJC.A : TSX : $14.29)
Canadian Feb comp store sales impressive; US mot so much
CIBC World Markets maintains a "sector perform", target price is $15.00
RBC Capital Markets maintains a "sector perform", target price is $16.00
Credit Suisse First Boston maintains "outperform", 12-month target price is $18.00
Provident Energy Trust (PVE.UN : TSX : $12.48 | PVX : NYSE : US$10.62)
Fourth-quarter and 2006 year-end results beat expectations
RBC Capital Markets maintains a "underperform", target price raised to $10.50
Q9 Networks Inc. (Q : TSX : $14.10)
First-quarter results more or less in line with expectations
BMO Nesbitt Burns maintains a "market perform", target price is $15.00
GMP Securities maintains a "buy", target price cut to $16.75
Haywood Securities rates a "sector outperform", target price is $17.00
Raymond James maintains a "outperform", 6-12 month target price is $15.50
TD Newcrest maintains a "buy", 12-month target price is raised to $17.00
Swiss Water Decaf Coffee (SWS.UN : TSX : $9.35)
Reports 2006 results and increases distributions
CIBC World Markets maintains a "sector outperform", target price raised to $9.75
Triton Energy Corp. (TEZ : TSX-V : $1.71)
Financing closed; Expect stock price volatility with deep test well drilling in the Foothills
Canaccord Adams maintains a "speculative buy", target price is $1.90
Titan Exploration Ltd. (TTN.A : TSX : $1.75)
Reserves miss estimates
Raymond James maintains a "market perform", 6-12 month target price is $2.25
Wescast Industries (WCS.A : TSX : $12.48)
Challenges remain, but progress being made
RBC Capital Markets rates a "sector perform", target price raised to $16.00
Warnex Inc (WNX : TSX : $0.34)
Looking for 2007 to be a turnaround year
GMP Securities maintains a "buy", target price is $0.75
Xceed Mortgage Corp. (XMC : TSX : $6.45)
Posts another solid quarter
Blackmont Capital maintains a "speculative buy", 12-month target price is $8.00
Zargon Energy Trust (ZAR.UN : TSX : $25.40)
Operational results meet expectations
TD Newcrest maintains a "hold", 12-month target price is $28.00
Ear on the Street
Algoma Steel (AGA : TSX : $49.75)
Higher steel price
RBC Capital Markets maintains "outperform", 12-month target price is $77.00
Altius Minerals Corp (ALS : TSX : $9.95)
Trading close to the NAV
Haywood Securities maintains "sector outperform", 12-month target price is $15.00
Armtec Infra. Income Fund (ARF.UN : TSX : $16.90)
Q4 in line
BMO Capital Markets maintains "outperform", 12-month target price is $19.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $18.00
TD Newcrest maintains "buy", 12-month target price is raised to $19.50
Alimentation Couche-Tard (ATD.B : TSX : $24.44)
To release Q3 today
Canaccord Adams maintains "buy", 12-month target price is $30.00
BFI Canada Income Fund (BFC.UN : TSX : $27.40)
Impressive Q4 results
Blackmont Capital maintains "buy", 12-month target price is $30.00
BMO Capital Markets maintains "outperform", 12-month target price is $29.00
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $28.50
Scotia Capital Markets maintains "sector outperform", 12-month target price is $31.50
TD Newcrest maintains "buy", 12-month target price is raised to $32.00
CCS Income Trust (CCR.UN : TSX : $35.85)
Fourth quarter results come in below expectations
CIBC World Markets maintains a "sector perform", target price is $45.00
Raymond James downgrades to "outperform", 6-12 month target price is $43.00
RBC Capital Markets maintains a "sector perform", target price cut to $38.00
TD Newcrest maintains a "buy", 12-month target price is $43.00
CML Healthcare Income Fund (CLC.UN : TSX : $14.26)
Fourth quarter and year-end results expected tomorrow
Raymond James maintains a "outperform", 6-12 month target price is $14.00
Cumberland Resources (CLG : TSX : $8.09 | AMEX : US$6.92)
Recent share price appreciation behind downgrade
BMO Nesbitt Burns downgrades to "market perform", target price not provided
Compton Petroleum (CMT : TSX : $10.99)
Impressive 2006 reserves
GMP Securities maintains a "buy", target price raised to $13.50
Canetic Resources Trust (CNE.UN : TSX : $14.41 | CNE : NYSE : US$12.30)
A "no surprises" quarter
BMO Nesbitt Burns maintains a "outperform", target price is $16.50
Canaccord Adams maintains a "buy", target price is $16.00
Raymond James maintains a "outperform", 6-12 month target price cut to $17.25
RBC Capital Markets maintains a "sector perform", target price raised to $13.50
Scotia Capital Markets maintains a "sector perform", 1-year target price cut to $15.00
TD Newcrest maintains a "hold", 12-month target price is raised to $14.00
Cinch Energy (CNH : TSX : $1.03)
Operational update and revision to estimates
Canaccord Adams maintains a "speculative buy", target price is $2.00
Canadian National Railway (CNR : TSX : $52.10 | CNI : NYSE : US$44.48)
Challenges to overcome in first quarter
BMO Nesbitt Burns maintains a "outperform", target price is $60.00
Canadian Pacific Railway (CP : TSX : $63.50 | NYSE : US$54.17)
Harsh winter weather impacts results
BMO Nesbitt Burns maintains a "outperform", target price is $69.00
RBC Capital Markets maintains a "outperform", 12-month target price is $77.00
Chartwell Seniors Housing REIT (CSH.UN : TSX : $16.44)
Disappointing Q4. Strategic review underway in light of "tax fairness"
BMO Nesbitt Burns maintains a "market perform", target price is $17.00
Canaccord Adams maintains a "hold", target price raised to $15.75
Scotia Capital Markets maintains a "sector perform", 1-year target price raised to $17.00
Coretec (CYY : TSX : $1.44)
Posts solid quarter
GMP Securities maintains a "buy", target price is $2.70
Raymond James maintains a "market perform", 6-12 month target price is $1.50
Canadian Royalties Inc (CZZ : TSX : $3.25)
Management changes seen as a positive
Raymond James maintains a "strong buy", 6-12 month target price is $4.20
Defiant Resources (DFR : TSX : $1.55)
Q4 CFPS higher than expected
Raymond James maintains "strong buy", 6-12 month target price is $3.00
Descartes Systems Group (DSG : TSX : $5.10 | DSGX : NASDAQ : US$4.35)
Weak January U.S. trucking cargo numbers
GMP Securities maintains "buy", 12-month target price is $7.00
Eastern Platinum (ELR : TSX : $2.02)
To acquire all the minority shares of Barplats
Raymond James maintains "strong buy", 6-12 month target price is $2.75
Empire Company (EMP.A : TSX : $43.11)
Q3 preview
Scotia Capital Markets maintains "sector perform", 12-month target price is $44.50
First Capital Realty (FCR : TSX : $28.67)
Solid Q4
BMO Capital Markets maintains "market perform", 12-month target price is raised to $30.00
Canaccord Adams maintains "buy", 12-month target price is raised to $29.75
Desjardins Securities maintains "top pick", 12-month target price is $33.00
RBC Capital Markets maintains "outperform", 12-month target price is $30.00
TD Newcrest downgrades to "hold", 12-month target price is $29.00
Focus Energy Trust (FET.UN : TSX : $16.67)
Q4 basically in line
RBC Capital Markets maintains "sector perform", 12-month target price is $16.50
Futuremed Healthcare (FMD.UN : TSX : $10.30)
Q4 DCPU beats expectations
BMO Capital Markets maintains "market perform", 12-month target price is raised to $10.75
CIBC World Markets maintains a "sector perform", target price raised to $10.75
Sun Gro Horticultural Inc Fd (GRO.UN : TSX : $7.93)
New California Acquisitions
BMO Nesbitt Burns maintains "market perform", 12-month target price is raised to $8.15
InnVest REIT (INN.UN : TSX : $14.44)
Seven hotels acquired in 2006
BMO Nesbitt Burns maintains "outperform", 12-month target price is raised to $16.00
Canaccord Capital maintains "buy", 12-month target price is $16.00
RBC Capital Markets maintains "outperform", 12-month target price is raised to $15.00
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $14.00
TD Newcrest downgrade to "hold", 12-month target price is cut to $14.50
IPSCO Inc. (IPS : TSX : $124.81 | NYSE : US$106.60)
Steel and scrap markets strengthen
RBC Capital Markets rates "outperform", 12-month target price is $113.00
Ivernia Inc. (IVW : TSX : $1.60)
Continued operating improvements
BMO Nesbitt Burns reduces to "market perform", 12-month target price is raised to $2.00
E.D. Smith Income Fund (JAM.UN : TSX : $5.77)
Q4 weaker than expected
BMO Capital Markets maintains "market perform", 12-month target price is raised to $5.50
LAB Research (LRI : TSX : $5.85)
Ramp up in Canadian operations
Desjardins Securities maintains "hold", 12-month target price is $6.50
Magellan Aerospace (MAL : TSX : $2.95)
Headwinds abating
Raymond James maintains "outperform", 12-month target price is $3.50
Newalta Income Fund (NAL.UN : TSX : $25.55)
Decline in drilling activity
RBC Capital Markets rates "sector perform", 12-month target price is $27.00
Northstar Aerospace (NAS : TSX : $4.60)
Results ahead of expectations
CIBC World Markets rates "sector perform", 12-month target price is raised to $5.80
GMP Securities Securities maintains "buy", 12-month target price is $7.30
Neo Material Technologies (NEM : TSX : $3.25)
Stronger than expected margins and pricing
GMP Securities Securities rates "buy", 12-month target price is raised to $4.80
Petrobank Energy and Resources (PBG : TSX : $24.31)
Drilling successes
Haywood Securities rates "sector outperform", 12-month target price is $32.00
Patheon Inc. (PTI : TSX : $4.78)
Signs of improved profitability
CIBC World Markets maintains "sector perform", 12-month target price is $5.00
Desjardins Securities maintains "hold", 12-month target price is $5.75
Scotia Capital Markets maintains "sector underperform", 12-month target price is $4.80
TD Newcrest maintains "hold", 12-month target price is $5.50
Priszm Canadian Income Fund (QSR.UN : TSX : $11.33)
Quebec up, Ontario down
BMO Nesbitt Burns rates "market perform", 12-month target price is $11.50
CIBC World Markets maintains "sector outperform", 12-month target price is $11.75
RBC Capital Markets maintains "sector underperform", 12-month target price is $9.50
Rider Resources Ltd. (RRZ : TSX : $7.32)
Higher finding costs
Scotia Capital Markets maintains "sector perform", 12-month target price is $10.50
Royal Host REIT (RYL.UN : TSX : $7.20)
Fundamentals on the rise
BMO Nesbitt Burns maintains "outperform", 12-month target price is $8.00
Sobeys Inc. (SBY : TSX : $41.98)
Results released Wednesday
Scotia Capital Markets maintains "sector underperform", 12-month target price is $40.00
Spectra Energy Income Fund (SP.UN : TSX : $9.41)
Decline in gas drilling
BMO Nesbitt Burns rates "market perform", 12-month target price is cut to $10.00
CIBC World Markets maintains "sector perform", 12-month target price is $10.50
Stelco Inc. (STE : TSX : $21.80)
Stronger revenue expectations
Scotia Capital Markets rate "sector underperform", 12-month target price is $16.75
Transcontinental Inc. (TCL.A : TSX : $21.53)
No surprises expected
TD Newcrest maintains "hold", 12-month target price is $23.00
Trimac Income Fund (TMA.UN : TSX : $9.00)
Substantially in-line
Desjardins Securities downgrade to "hold", 12-month target price is raised to $9.153
RBC Capital Markets rates "outperform", 12-month target price is $10.00
TD Newcrest downgrade to "hold", 12-month target price is $ 9.00
Canadian Satellite Radio (XSR : TSX : $6.70)
Releases subscriber update
RBC Capital Markets maintains a "sector perform", 1-year target price is $8.50
TD Newcrest downgrades to "reduce", 12-month target price is cut to $6.00
ZCL Composites (ZCL : TSX : $13.90)
Outlook remains positive
Raymond James rates "outperform", 12-month target price is $14.75
Weekly Update March 11, 2007
--------------------------------------------------------------------------------
The oil & gas sector has performed very poorly this past year as oil stabilized and natural gas prices fell in 1/2 from highs hit last winter. Because of this performace, we've had little interest in the sector until now. In past years we've done very well with these stocks by tracking cashflow mutliples and managing risk by using guidelines on their reserves and debt levels.
During 2006 I found many oil & gas companies took on terribly high levels of debt and were not able to justify these levels with strong reserve or production growth. Yet the cashflow multiples in most cases have remained quite high - primarily because the price of oil has remained high (although gas has suffered significantly). Because of these high cashflow multiples I avoided new oil/gas picks because the risks were too high.
Geocan is our first entry back into the sector. Natural gas is stabilizing again and crude oil prices continue to do very well. Even at $40 or $50 per barrel (currently $60), these companies can make great money. Geocan is trading near the 52 week low (and has good liquidity down here), is one of the few trading with a low cashflow multiple, and after Q1/07, should move production into the 4500 boepd range.
Geocan Energy (GCA.T $1.28)
www.geocan.com
52 week High $2.20 / Low $1.26
The stock always runs the risk of moving a bit lower because that is the current trend. However, the numbers indicate that there is excellent value down here and the best gains will (in theory) be made by fighting this current negative bias towards the sector. In the past I only followed companies with debt equivalent to one year cashflow, but that is very difficult to find right now. And those with better ratios, are also trading at much higher cashflow multiples. If Geocan moves production into the range of 4500 boepd (barrel of oil equivalent per day), they should generate cashflow in the range of $30 million annually or $0.55/share. At $1.30 this is a cashflow multiple of 2.3 - very attractive when 4 or higher is not uncommon.
They have a $31 million capital budget approved for 2007 (detailed below) and an 87% drill success rate this past year. If things go well in 2007, they could hit 5000 boepd. At this level, annual cashflow would move into the range of $35 million or $0.63/share. A realistic multiple would be in the range of 4 times cashflow or approx. $2.50/share. Under this scenario we're targeting a 12 month double from this level. Low compared to what we're normally looking for but Geocan provides less risk than normal and with any oil/gas play, they can hit wells that change fundamentals quickly.
There is decent liquidity near $1.30, the fundamentals are strong, and the chart is very attractive from a risk perspective. Increased activity may spook the sellers at this level but with patience, a person can do quite well with scenarios like this.
Key Fundamentals
Development: target drilling in Q1 could add approx. 500 boepd (8 wells at a cost of $3.5 million)
Exploration: target drilling in Q1 could add approx. 450 boepd (7 wells at a cost of $4.8 million)
Total cost in Q1 = $8.3 million
900 boepd produces approx. $6 million in pure annual cashflow
Existing production approx. 3600 boepd (prior to the above)
Behind pipe at 2006 year end - 300 boepd
2006 est. YE debt $48MM = 1.65 X 2007 Projected cashflow
55.6MM shares basic (62.4MM diluted)
30% + institutionally held
10% + by mgmt & directors
Net undeveloped acres of exploration land - 134,480
current reserves approx. 9 million boe
38% natural gas, 23% light/medium oil and NGL's, and 39% heavy oil
2006 third party assessed $2.37 NAV
$31.5 MM 2007 capital budget funded by cash flow and existing bank facilities
34 wells to be drilled in 2007 split 44% exploration and 56% development - 53% of the wells will target oil and 47% of the wells will target natural gas. High drilling success rate with more than 87% of wells completed
Analyst Coverage (stock is down since all these)
Octagon Capital Corporation - Jeffrey Fiell CFA - Perform (Jan 31/07)
Maison Placements Canada - Josef Schachter CFA - Outperform (Sept 25/06)
Haywood Securities - Fredrick Kozak P.Eng - Perform (Jan 09/07)
Acumen Capital Partners - Rob Moss CFA - Buy (Oct 27/06)
Danny Deadlock
Microcap.com
--------------------------------------------------------------------------------
email: microcap@telus.net
web: http://www.microcap.com
CHINA'S COMMODITY CONSUMPTION
China consumes an ever increasing amount of natural resources as they feed their double digit GDP growth. This easily translates into the commodity markets, in which China has become a significant player. In light of the recent troubles in the financial markets, which originated in China, we decided to take a look into the scale of their international trade in selected commodities.
Copper is the best example of China's thirst for commodities. An astounding 27.3 percent of the world's copper production was exported to China in 2005, equating to 2.788 million metric tonnes or 358,031 future contracts. Soybeans and cotton have also been in large demand, as more than 13 percent of the world's production ended up in China in 2006 for each of those commodities. This equates to 228,913 contracts for soybeans and 148,320 for cotton. China also consumes 4.6 percent of the world's daily crude oil output, or about 3,525 contracts per day.
China's raw materials exports on the other hand are relatively insignificant. It is more likely than not that they will become importers of these commodities as well at some point in the near future. China exported 0.6 percent of all corn produced in 2006, which equates to 30,707 future contracts. It was also responsible for 0.5 percent of exports in swine meat (pork) and 0.3 percent in wheat. However, over the past 5 years China on average was a net importer of 604,000 tonnes per year of wheat.
COPPER STRATEGIES
As we suggested in the introduction, the copper market seems to have thrown off the recent liquidative tilt fostered by the equity market with relative ease. However, we doubt that copper prices will be able to rise back above the late February highs in the face of any evidence that Chinese slowing efforts are bearing fruit. Furthermore, it would be equally surprising to see the copper market manage to rise to and above the late February highs in the face of noted and ongoing slowing in the US economy. Therefore, the copper market might not be as much of a hot trade idea as it is a potentially valuable leading indicator for a host of physical commodity markets. Certainly the copper market was partially lifted by short covering off a rather significant net spec short positioning, but it was also clear that the copper market was being lifted by ideas that the Chinese were indeed set to come back into the spot market for new supplies. In fact, last week the copper market managed a rather impressive bounce off its early lows off the idea that Chinese copper concentrate players were buying aggressively in the spot market. Certainly copper prices were given some lift off the fear of some supply threats, and with recent LME daily changes showing a bit of a decline for 2007, the trade is anticipating a renewed level of tightening ahead. However, the prospect of slowing in both the US and China isn't something that traders should discount, and upon a return to the $2.90 level basis the May contract, one might begin to suggest that copper is looking beyond the recent washout in the equity market and is indeed factoring a resurgence of growth. In retrospect, it would appear that the copper market rejects pricing under $2.57 as too cheap for conditions, but it remains to be seen whether or not pricing above $2.90 can be justified. Therefore, traders need to exhibit a bit of patience in trading copper, as buys above $2.6250 might carry too much risk. On the other hand, seeing May copper prices return to the vicinity of $2.90 without totally cleaning up the macroeconomic concern could represent a moderately overdone condition.
ENERGY STRATEGIES
In looking ahead to the summer gasoline situation, it might be important to take a quick look back to quantify the fundamental developments that have occurred since last summer's top in prices. In the wake of the 2006 high, it is clear that demand was indeed trimmed and that by last October the US saw its supply of crude oil stocks reach a rather burdensome surplus of 23 million barrels. However, despite the fact that North America saw the warmest early winter in history, US crude oil stocks fell back into a deficit reading by mid December. Since January lows, the oil market still hasn't giving OPEC that much credit for reducing supply. That situation could become increasingly more important in the months ahead, especially if the slowing pattern in the US economy continues to unfold. Given the fundamental sentiment that was in place going into the January lows, one would have expected a massive supply surplus or overhang to have manifested itself in US product stocks in the face of the warm winter start, but that just did not happen. Subsequently, the market has seen a pretty impressive recovery in winter heating demand and has also seen a long pattern of low refinery operating rates. In fact, we think the EIA's recent note that total 2006 US oil use declined but that both gasoline and distillate use managed to post new records is clearly a sign that use for the final energy products remains strong, even if the US refinery effort has once again failed to meet the call. If one looks at the enclosed chart of the current US refinery operating rate and one compares it to the 5 year average, it is clear that refiners are characteristically running lower rates or, as some analysts have suggested, that some refineries have actually pulled off early seasonal maintenance. In looking at comparisons of implied gasoline demand in 2007 versus the prior year and the 5 year average (see enclosed chart), it is also clear that gasoline demand is running moderately above the average and is holding at very lofty levels when one considers that the US economy has supposedly been slowing for the last month and a half.
Global demand for gasoline could also come into play this summer. Despite jitters over a possible slowdown in China's economy, the number of private car owners rose 33.5% in 2006 vs. 2005, and gasoline exports shrank to 2.9% in January from year ago. This raises speculation China will become a net importer of gasoline this year, which could further tighten the global supply outlook. China's gasoline situation is changing very quickly, as prior to last year China was Asia's largest spot gasoline exporter. Therefore, there is certainly justification for higher gasoline prices into the summer.
In the end, seeing refiners running at lower rates, demand running above normal and US gasoline stocks running at a 8.6 million barrel annual deficit would seem to suggest that the energy complex is set to start the summer 2007 gasoline season out on a relatively tight footing. If China becomes a net importer of gasoline this year, that will add a whole new demand dynamic to the equation. Countervailing part of the bullish story in gasoline for the summer of 2007 is the EIA prediction that ethanol supply will be significantly more robust in the coming summer period. In short, we think that the energy complex is set for a bullish bias into the spring and summer of 2007 but that massive gains might not be seen without a fresh and serious global supply setback. In other words, traders should concentrate on buying May and June gasoline on setbacks to consolidation support of 180.00 to 178.00, looking for the market to take out the early March highs of 192.60.
Ear on the Street
Altus Group Income Fund (AIF.UN : TSX : $12.50)
Q4 in line
BMO Capital Markets maintains "outperform", 12-month target price is raised to $12.75
Canaccord Adams maintains "buy", 12-month target price is $13.50
Akita Drilling (AKT.A : TSX : $16.70)
New Street coverage
BMO Capital Markets initiates coverage with a "market perform", 12-month target price is $18.50
Allied Properties REIT (AP.UN : TSX : $22.73)
Solid Q4 and distribution increased by 3.2%
Canaccord Adams maintains "buy", 12-month target price is $25.00
CIBC World Markets maintains "sector outperform", 12-month target price is $26.10
Algonquin Power Income Fund (APF.UN : TSX : $8.82)
Q4 in line
Canaccord Adams maintains "buy", 12-month target price is $10.00
CIBC World Markets maintains "sector perform", 12-month target price is $9.50
Alimentation Couche-Tard (ATD.B : TSX : $24.70)
To report Q3 tomorrow
GMP Securities maintains "hold", 12-month target price is $27.50
TD Newcrest maintains "action list buy", 12-month target price is $33.00
Artis REIT (AX.UN : TSX : $16.30)
New Street coverage
BMO Capital Markets initiates coverage with a "outperform", 12-month target price is $19.00
Builders Energy Services Trust (BET.UN : TSX : $10.28)
Q4 misses
Canaccord Adams maintains "buy", 12-month target price is cut to $12.00
BFI Canada Income Fund (BFC.UN : TSX : $26.40)
Q4 beats expectations
Blackmont Capital rates "buy", 12-month target price is raised to $30.00
RBC Capital Markets maintains "underperform", 12-month target price is not given
Calfrac Well Services (CFW : TSX : $19.00)
New Street coverage
BMO Capital Markets initiates coverage with a "market perform", 12-month target price is $20.00
Crew Energy Inc (CR : TSX : $8.85)
2007 guidance reduced
BMO Capital Markets maintains "outperform", 12-month target price is $12.50
Raymond James maintains "outperform", 6-12 month target price is cut to $16.00
RBC Capital Markets maintains "sector perform", 12-month target price is cut to $12.00
TD Newcrest maintains "buy", 12-month target price is cut to $13.50
Cognos Inc. (CSN : TSX : $47.40 | COGN : NASDAQ : US$40.42)
Poised to benefit from Oracle's acquisition of Hyperion
BMO Capital Markets upgrades to "outperform", 12-month target price is raised to US$48.00
Constellation Software (CSU : TSX : $24.50)
Reaffirms 20% growth outlook
RBC Capital Markets maintains "outperform", 12-month target price is raised to $29.00
TD Newcrest maintains "buy", 12-month target price is raised to $29.00
CSI Wireless (CSY : TSX : $2.20)
Q4 shows signs of improving
Canaccord Adams maintains "buy", 12-month target price is raised to $4.00
GMP Securities maintains "hold", 12-month target price is $2.20
Coast Wholesale Appliances (CWA.UN : TSX : $9.30)
Q4 in line
BMO Capital Markets maintains "market perform", 12-month target price is $7.50
CIBC World Markets maintains "sector perform", 12-month target price is raised to $10.30
Canadian Western Bank (CWB : TSX : $23.97)
Q1 core EPS in line
Blackmont Capital maintains "buy", 12-month target price is $27.00
BMO Capital Markets maintains "market perform", 12-month target price is $27.00
TD Newcrest maintains "hold", 12-month target price is raised to $26.00
Cyries Energy Inc. (CYS : TSX : $10.30)
$12 million flow through financing
GMP Securities maintains "buy", 12-month target price is $14.50
CryoCath Technologies (CYT : TSX : $2.85)
Positive six-month data for AF treatment
Blackmont Capital maintains "buy", 12-month target price is $4.00
The Data Group Income Fund (DGI.UN : TSX : $9.53)
Posts strong quarterly number; issues positive outlook
TD Newcrest maintains a "buy", 12-month target price is raised to $12.00
Eastern Platinum (ELR : TSX : $2.00)
Cleaner structure creates more value
Canaccord Adams maintains a "buy", target price raised to $2.40
Enghouse Systems (ESL : TSX : $7.96)
Disappointing results and challenges remain
TD Newcrest maintains a "hold", 12-month target price is raised to $8.50
Evertz Technologies (ET : TSX : $14.60)
Q3/F07 results exceed expectations
BMO Nesbitt Burns maintains a "outperform", target price raised to $19.00
Raymond James maintains "outperform", 6-12 month target price is raised to $18.00
RBC Capital Markets maintains a "outperform", target price raised to $18.00
Fort Chicago Energy Partners (FCE.UN : TSX : $10.58)
Results buoyed by strong profit sharing at Aux Sable
BMO Nesbitt Burns maintains a "market perform", target price is $11.00
Canaccord Adams upgrades to "hold", target price is $10.25
CIBC World Markets maintains a "sector underperform", target price raised to $9.50
TD Newcrest maintains a "hold", 12-month target price is raised to $10.00
Fairborne Energy Trust (FEL.UN : TSX : $9.61)
Q4 production in line, above average reserve results and guidance update
BMO Nesbitt Burns maintains a "underperform", target price is $9.00
Canaccord Adams maintains a "buy", target price is $12.00
CIBC World Markets maintains a "sector perform", target price is $10.00
Focus Energy Trust (FET.UN : TSX : $16.66)
Q4 results in line, focus continues to appear fully valued
BMO Nesbitt Burns maintains a "market perform", target price is $17.50
Canaccord Adams maintains a "hold", target price is $17.00
CIBC World Markets maintains a "sector perform", target price cut to $18.50
TD Newcrest maintains a "buy", 12-month target price is cut to $18.50
Futuremed Healthcare (FMD.UN : TSX : $10.45)
Impressive fourth quarter results
Blackmont Capital upgrades to "buy", 12-month target price is raised to $11.50
Gammon Lake Resources (GAM : TSX : $19.52 | GRS : AMEX : US$16.69)
The Ocampo project were operating at design throughput rates
BMO Capital Markets maintains "outperform", 12-month target price is raised to $29.00
CGI Group (GIB.A : TSX : $9.94)
Downgrade on stock price rally
BMO Capital Markets downgrades to "market perform", 12-month target price is raised to $11.50
Great Lakes Carbon Inc. Fd (GLC.UN : TSX : $13.40)
Rain to counter bid?
RBC Capital Markets maintains "outperform", 12-month target price is $14.25
Goldcorp Inc. (G : TSX : $29.05 | GG : NYSE : US$24.75)
Q4 negatively impacted by higher expense
Blackmont Capital maintains "buy", 12-month target price is cut to $37.50
Canaccord Adams maintains "buy", 12-month target price is cut to US$35.00
CIBC World Markets maintains "sector outperform", 12-month target price is cut to US$36.00
Raymond James downgrades to "outperform", 6-12 month target price is cut to US$35.00
RBC Capital Markets maintains "outperform", 12-month target price is US$32.00
HudBay Minerals (HBM : TSX : $20.80)
In line year-end results cap successful year
GMP Securities maintains a "focus buy", target price is $35.00
RBC Capital Markets maintains a "outperform", target price cut to $26.00
Husky Injection Molding Sys. (HKY : TSX : $7.37)
Considering sale or merger
BMO Nesbitt Burns maintains a "market perform", target price raised to $8.00
GMP Securities maintains a "hold", target price is $8.00
JumpTV Inc. (JTV : TSX : $7.63)
Shift to ad-supported model sacrifices near-term revenue but should yield superior long-term results
Canaccord Adams maintains a "buy", target price raised to $11.00
Kereco Energy (KCO : TSX : $6.23)
Higher FD&A costs seen in year-end results
BMO Nesbitt Burns maintains a "market perform", target price cut to $7.50
Raymond James maintains "outperform", 6-12 month target price is cut to $10.00
Killam Properties Inc (KMP : TSX : $2.53)
Good end to 2006; Positive outlook going forward
Blackmont Capital maintains a "buy", 12-month target price is cut to $2.95
Canaccord Adams maintains a "buy", target price is $3.10
Liquor Stores Income Fund (LIQ.UN : TSX : $20.40)
2006 a solid year
Raymond James maintains "market perform", 6-12 month target price is $18.00
RBC Capital Markets maintains "outperform", 12-month target price is $23.00
Linamar Corp. (LNR : TSX : $15.24)
Strong SkyJack earnings
BMO Nesbitt Burns maintains "market perform", 12-month target price is raised to $15.00
GMP Securities Securities rates "hold", 12-month target price is raised to $15.50
RBC Capital Markets rates "outperform", 12-month target price is $17.00
MacDonald Dettwiler & Assoc. (MDA : TSX : $47.31)
Growth expected for 2008
BMO Nesbitt Burns upgrade to "outperform", 12-month target price is $60.00
MDS Inc. (MDS : TSX : $21.89 | MDZ : NYSE : US$18.67)
Turnaround underway
CIBC World Markets maintains "sector outperform", 12-month target price is US$22.00
RBC Capital Markets rates "sector perform", 12-month target price is $21.00
TD Newcrest maintains "hold",12-month target price is $ 22.00
MDC Partners Inc. (MDZ.A : TSX : $8.75)
Stronger than expected operating results
TD Newcrest rates "hold",12-month target price is $9.00
Marsulex Inc. (MLX : TSX : $11.20)
Announces quarterly dividend
Blackmont Capital maintains "buy", 12-month target price is raised to $12.00
Metallica Resources (MR : TSX : $5.81)
Mineral reserve update
BMO Nesbitt Burns maintains "market perform", no target price reported
Newalta Income Fund (NAL.UN : TSX : $25.99)
Slowdown in drilling activity
BMO Nesbitt Burns rate "outperform", 12-month target price is $31.00
Canaccord Capital maintains "hold", 12-month target price is cut to $26.50
CIBC World Markets maintains a "sector outperform", target price is $32.00
Northern Orion Resources (NNO : TSX : $4.95)
Earnings lower than expected
BMO Nesbitt Burns maintains "market perform", 12-month target price is US$4.25
Nortel Networks Corp. (NT : TSX : $32.92 | NYSE : US$28.08)
Business transformation plan
TD Newcrest upgrades to "Buy", 12-month target price is raised to US$35.00
NuVista Energy Ltd (NVA : TSX : $12.91)
Announces new acquisition
BMO Nesbitt Burns maintains "market perform", 12-month target price is raised to $14.75
GMP Securities Securities maintains "buy", 12-month target price is $17.00
Peyto Energy Trust (PEY.UN : TSX : $16.42)
Significant inventory of drilling locations
BMO Nesbitt Burns rates "market perform", 12-month target price is $17.25
Haywood Securities rates "sector outperform", 12-month target price is $20.00
Paramount Energy Trust (PMT.UN : TSX : $9.37)
Disappointing results
BMO Nesbitt Burns maintains "market perform", 12-month target price is cut to $12.00
CIBC World Markets rates "sector underperform", 12-month target price is cut to $8.50
TD Newcrest maintains "hold", 12-month target price is cut to $10.50
Primary Energy Recycling (PRI.UN : TSX : $9.50)
Volatility at Harbor Coal continues
RBC Capital Markets rate "sector perform", 12-month target price is $9.75
Pure Energy Services (PSV : TSX : $10.99)
Oilfield services
BMO Nesbitt Burns initiates coverage with "market perform", 12-month target price is $12.50
Provident Energy Trust (PVE.UN : TSX : $12.56)
Better than expected results
BMO Nesbitt Burns upgrades to "market perform", 12-month target price is raised to $12.75
Rockyview Energy (RVE : TSX : $3.01)
Maintain production forecasts
GMP Securities Securities "buy", 12-month target price is $6.25
Sobeys Inc. (SBY : TSX : $42.29)
Results on March 14
TD Newcrest maintains "hold", 12-month target price is $40.00
Stoneham Drilling Trust (SDG.UN : TSX : $17.50)
Growth oriented income trust
BMO Nesbitt Burns rates "outperform", 12-month target price is $20.00
Silver Eagle Mines (SEG : TSX : $1.50)
Underground development drilling yields encouraging results
Blackmont Capital maintains a "speculative buy", 12-month target price is $2.20
Saxon Energy Services (SES : TSX : $3.76)
International drilling contractor
BMO Nesbitt Burns initiates coverage with a "outperform", 12-month target price is $5.00
Strongco Income Fund (SQP.UN : TSX : $14.16)
Strong demand for constuction equipment
BMO Nesbitt Burns rate "market perform", 12-month target price is $13.00
Stelco Inc. (STE : TSX : $22.20)
Q4/06 large loss at EBITDA line
CIBC World Markets rates "sector underperform", 12-month target price is raised to $21.00
TD Newcrest maintains "reduce", 12-month target price is cut to $16.50
Savanna Energy Services (SVY : TSX : $19.49)
New Street coverage
BMO Nesbitt Burns initiates coverage with "market perform", 12-month target price is $21.00
Sunrise Senior Living REIT (SZR.UN : TSX : $17.10)
HCP withdraws offer
RBC Capital Markets maintains "sector perform", 12-month target price is cut to $16.50
Trican Well Service (TCW : TSX : $23.15)
Closing of Liberty acquisition
BMO Nesbitt Burns initiate coverage with "market perform", 12-month target price is $26.00
RBC Capital Markets upgrade to "outperform", 12-month target price is $32.00
Trinidad Energy Services (TDG.UN : TSX : $14.36)
New Street coverage
BMO Nesbitt Burns initiates coverages with "outperform", 12-month target price is $17.00
Total Energy Services (TOT.UN : TSX : $11.27)
New Street coverage
BMO Nesbitt Burns initiate coverage with "market perform", 12-month target price is $12.00
Everyone's on the same wavelength now
GRANT ROBERTSON
Saturday, March 10, 2007
TORONTO — When Jonas Woost took the microphone at a gathering of the Canadian music and broadcasting industry in Toronto this week, the manager of last.fm looked more like a rock star than an industry executive. He practically had his own groupies.
The audience, composed of record label representatives, music fans, broadcasters and a smattering of artists, many at least a decade older than Mr. Woost -- were all ears as he described how the London-based Internet broadcaster is amassing millions of listeners around the world each month.
It's all in the name, Mr. Woost explained. "Last.fm is the last radio station you need."
As he stepped off stage, a small crowd of admirers gathered, some to shake hands, others to lob technical queries about last.fm's music recommendation engine. Others just wanted to say they are fans.
The excitement generated by Mr. Woost's appearance is indicative of a growing momentum in the industry. Without facing regulatory restrictions or a need to fight for space on a fixed radio dial, the Internet may just be the biggest threat to the radio industry since the advent of television -- and the established players, faced with a challenge to their business model, have stood up and taken notice.
Just as telling as Mr. Woost's popularity at the conference is the fact that Internet radio has new enemies -- in particular the U.S. recording industry, which this month proposed aggressive royalties many feel could be the death knell for the industry.
For now, there's no question Web radio is taking off. With the proliferation of WiFi as a catalyst, companies have been quietly pumping millions of dollars into developing new technologies. Some of the industry's key players are upstarts, such as last.fm and Oakland-based Pandora. The bigger sites are better-known Web portals, with Yahoo Launchcast and AOL Music topping the global list. Even they started small, but Yahoo Launchcast now draws enough listeners to equal the largest FM stations combined in a major U.S. city like New York.
"If you look at the past 12-18 months, certainly there has been a proliferation of sites that cater to a personalized music experience . . .," said Andy West, manager of Yahoo Music Canada. "People have finally caught on to that."
Its a strange fate for an industry that has been around for more than a decade and was nearly forgotten after the dot-com bubble burst.
In the mid-1990s, Web entrepreneur Mark Cuban started streaming a Dallas AM radio station signal over the Internet to allow sports fans to follow games from other parts of the country. Web companies liked the idea. Yahoo gave Mr. Cuban and his business partner $6-billion in stock for Broadcast.com, crowning him one of the first Internet broadcasting billionaires.
However, as quickly as Web radio took off, people recognized its limitations. The technology of the day resulted in scratchy sound, and listeners were essentially anchored to their computers. When the tech crash hit, the upstarts saw their values plummet. In 2002, Yahoo bought another Web streaming company, Launchcast, for a paltry $8-million.
In the years since, remarkable growth in bandwidth and technology has transformed the industry. Broadband has allowed companies to stream better-quality music files, while music recommendation engines (which stream songs based on a mix of the listener's own picks and suggestions from other users), pioneered by the likes of Pandora, have distinguished the industry from traditional radio. The proof is in the numbers: Yahoo's music service has amassed 3.5 million unique users each month, while smaller operations such as Chicago-based AccuRadio, which started with a few computers and a stack of CDs, claims one million visitors a month.
"Pandora or last.fm, any broadcaster could have built that a couple of years ago, or acquired either of them for the price of a tiny little AM radio station in a small U.S. market," said Kurt Hanson, AccuRadio's CEO. "Some day, a few years from now, the biggest brand of Internet-delivered radio in Canada will have an audience size bigger than all the radio stations in Edmonton or Toronto put together, assuming that somebody establishes a leading brand."
Major hurdles still exist. For instance, despite the industry's huge technological advances, it is still essentially music played through a computer. While companies like AOL, Yahoo and others have been successful at targeting the so-called at-work audience, the industry has yet to encroach on the radio's traditional sweet spot: the car.
If mass wireless Internet access emerges in major cities across the country, it could be a watershed moment for the industry. Portable Internet radio would be available via everything from cellphones to dashboards, attracting more advertisers. As it stands, the advertising industry for Web radio is estimated to be roughly $500-million (U.S.) for North America, but at least 80 per cent of that comes from ads on websites of AM and FM stations. Commercial revenue from music streaming makes up less than one-fifth of that amount.
The biggest hurdle of all could be the looming battle over royalties. "The end-game is that unless the royalties change, webcasting is pretty much done in the U.S. Kaput," Mr. Cuban said. "That's a shame because streaming music to the office is a better opportunity than video. People can -- and will -- listen to music at work."
The Incumbents: Slow and steady wins the race
When Canadian radio giant Standard Broadcasting Corp. Ltd. announced last month that it was negotiating a sale to Astral Media Inc., Standard chief executive officer Gary Slaight cautioned there was still much talking to be done. He didn't go into detail, but those close to the deal suggested the inclusion of Standard's Internet radio operation, Iceberg Radio, was among the points still being discussed.
The fact that Iceberg would play a key role in the talks should come as no surprise: Standard's on-line music operation is the largest of its kind in Canada.
As new-generation Internet radio operations grab the spotlight, Standard and other incumbent radio broadcasters are gearing their strategies toward future expansion, rather than departing from traditional radio. Until ad revenue picks up, the AM and FM players aren't chasing Web audiences as aggressively as the smaller upstarts.
"This is the time to position yourself. . . . But you are still selling something that a lot of people don't understand," said Jean-Marie Heimrath, president of Standard Interactive. "The danger is people who start looking too far out. In the mean time, we need to generate the revenues just to keep this afloat."
Iceberg's tailored music channels draw 250,000 unique visitors a month. When Standard's streaming feed of AM and FM radio stations across the country are added to the mix, that number jumps into the millions, he said.
Rival Corus Entertainment Inc. has also opted for a low-key Web approach. John Hayes, president of Corus Radio, said the company derives only 2 per cent of its radio revenue, or $5-million, from the streaming of its stations.
Mr. Hayes said the company's strategy is to pursue its most reliable income streams, rather than making too big of a gamble on the Internet when royalty battles raging in the United States could hinder future earnings. "We've explored, we've invaded and we've colonized the Internet," Mr. Hayes said. "But the massive bulk of our revenue is going to come from traditional radio stations."
The Innovators: Betting on the wireless revolution
In the late 1990s, Kurt Hanson was the author of a radio industry newsletter aimed at teaching stations how to make the jump from the AM and FM dials to the Internet. He soon tired of writing about it and figured, why not do it himself?
With little more than a stack of CDs and a few computers, Chicago-based AccuRadio was born. It offers more than 300 channels tailored to specific tastes, and has grown to house six full-time and six part-time employees, and a staggering number of listeners considering its size -- roughly one million a month.
Its strategy is to build a brand big enough to attract even more listeners once mass wireless broadband makes Internet access in cars a standard option, and portable devices such as cellphones can double as mini Web portals. "Where you see a GPS [global positioning system] display in cars today is the dashboard real estate that will eventually include the interface to the Web," Mr. Hanson said.
However, young companies carry the extra burden of contending with legal battles over royalties. New rates approved in the United States last week, which would force services to pay a fraction of a cent for each song they play, will put most upstarts out of business, Mr. Hanson says. The matter looks destined to be settled by Congress.
Oakland-based Pandora, largely recognized as one of the original innovators in next-generation Web radio, will face similar challenges. Presently, the company requires listeners to enter a U.S. zip code to log onto the service, which helps it abide by that country's royalty restrictions. Though Pandora has six million registered users, chief executive officer Joe Kennedy knows the vast majority of those who enter the zip code 90210 -- and there are thousands -- don't actually live in Beverly Hills, suggesting they're logging on from countries such as Canada and elsewhere.
The music industry may be forced to develop a global system of compensation, Mr. Kennedy said. "I think in 10 years, Pandora will be listened to in the car, while you're jogging . . . and wherever else people listen to music," he said. "And that will be following the growth of wireless broadband to ubiquitous form."
The New Titans: Looking to bolster the bottom line
Terry Semel's goal when he took over as chief executive officer of Yahoo Inc. in 2001 was to make the Internet more entertaining. A year later, he pulled the trigger on an acquisition that would push Yahoo to the top of the Internet radio pile.
Since buying Launchcast in 2002, Yahoo has emerged as one of the new titans of Internet audio streaming, with rival AOL in the No. 2 spot, and Clear Channel Communications, which owns 1,200 radio stations across the United States, the third-biggest contender.
Unlike standalone companies which are positioning themselves for broadband expansion, Yahoo and AOL have adopted music to bolster their Web community numbers and ad revenue; The longer listeners surf their sites, the more ad dollars can be generated.
"We're in an era of the industry that is in its infancy, and with that there are endless possibilities," said Andy West, manager of Yahoo Music Canada.
Major Web radio players are so far doing little to market their music services, compared to traditional radio.
Instead they are relying on their main sites, such as e-mail and news, to draw people in.
"We have done some marketing, but we're really relying on traffic through the portal," said Rod Lewis, product director for AOL Canada.
AOL created its streaming music site a few years ago, and added a Canadian service in November.
While Yahoo and AOL are now aggressively expanding into streaming music, the industry largely went underground after the tech bubble burst, mostly due to concerns about licensing music, Mr. Lewis said.
Attitudes have changed rapidly in the past two years.
Companies now see themselves as radio brands of the future, when people will wake up to personalized Web channels, rather than the local morning show.
"The more established guys like Clear Channel realized it actually augments their business, it doesn't threaten them. So it's created a mix," he said.
BREAKTHROUGH MARKETING AGREEMENT ANNOUNCED BY MLS
Vancouver-based Mobile Lottery Solutions (TSX-V: MLS) today announced a major marketing agreement which gives MLS top level access to a number of international marketing organizations and a group of highly experienced and recognized marketing and media professionals.
The marketing group, Inception Ventures Inc., specializes in the creation, development and marketing of new media content, products and services that are designed to leverage the MLS patent and platform, so as to enhance and expand traditional corporate and brand marketing efforts.
Frank Palmer, Chairman & CEO of DDB Canada, who is also Chairman of Inception, stated, "We believe that MLS offers a unique new media product and delivery package, supported by a very strong U.S. patent, (Canadian patent pending), which targeted North American brands will find very attractive."
Individual members of the Inception group, in association with DDB Worldwide, Zygo Strategies and Insight Sports, are experienced professionals in their respective fields and offer proven expertise in the areas of marketing, advertising and communications. Brief Inception member backgrounds are included with this release.
In announcing the agreement, MLS Chairman & CEO Bill McKay, said, "Our marketing agreement with Inception Ventures is a very significant advance in this young company's growth. It affords MLS a direct connection to the imagination, creativity and top level access that the Inception members can deliver. The relationship really enhances, in a major way, our MLS team and our powerful U.S. patent. We're just delighted and look forward to our first major sales contract in the very near future."
Inception Ventures group members include:
Frank Palmer is Chairman & CEO of DDB Canada and widely regarded as the one of the icons of Canadian advertising. He has been active in the industry for the past 35 years, originally as the founder and CEO of Palmer Jarvis and over the past decade following P-J's merger with DDB Worldwide. His vision and commitment to creative advertising have contributed significantly to the consistent recognition of DDB as Canada's top marketing communications agency network as evidenced by its being named Agency of the Year more times than any other agency in the country.
He is active in the development of future DDB business opportunities with existing and new clients and oversees the agency's overall direction and creative culture. He is also active with a number of national industry organizations and associations.
Kevin Albrecht is President & CEO of Insight Sports Ltd., creators and distributors of sports and entertainment content across multiple platforms, including broadcast television, DVD, on-line, mobile, in-arena and video on-demand. He recently completed a 16 year career at IMG, most recently as Head of Global Business Development and a member of IMG's new media team.
Named by the Globe & Mail as one of Canada's top 3 most influential people in sports, he has managed the careers of superstar athletes such as Wayne Gretzky, Mike Weir and Kurt Browning, and developed event properties such as Stars On Ice and golf's Skins Game into powerful sports brands. He is a founding board member of Right To Play and is also on the Executive Committee of the FIFA World Youth Championships to be held in Canada in 2007.
Steve Clark is President of Clark Group Inc. and has over 35 years experience with a number of leading international developers and marketers of commercial entertainment products and services. Before starting Clark Group in 1995, he worked for United Airlines, Economic Research Associates and the Walt Disney Company. He was a founding partner of Management Resources, a management and marketing organization whose clients, over 15 years, included two Olympic Games, three World Expositions and several hundred corporations including Time Warner, Disney, Universal Studios, Harrah's, IGT, General Motors, Hilton Hotel Corp. and numerous entrepreneurs.
lark Group is California based and serves a select client base dedicated to expanding and marketing their branded products and services domestically and internationally.
Hugh Ruthven is President of Zygo Strategies. He has spent the past 20 years in senior management roles with DDB Canada and McDonalds, working initially the account side with DDB and then becoming Advertising Manager and Director of Marketing for McDonalds. Rejoining the agency, he was appointed Executive Vice president & Managing Director of DDB during a period in which DDB was recognized as Canada's most creative agency for six consecutive years.
Zygo Strategies is focused on seeking out and developing unique business and new media opportunities for DDB and its parent, Omnicom Group of New York. Zygo is involved in the recognition, development, coaching, brand identity and packaging of intellectual properties, leveraging the DDB worldwide creative resources and contact network.
Robin Lecky is Managing Partner of Inception Ventures. He is a marketing, media and communications specialist with extensive experience in the production and event industries in North America and abroad. Over the past three decades he has served as Executive Producer of major film and live entertainment productions for four World Expositions, an Olympic Games, a number of renowned public institutions, including the American Museum of Natural History and the Smithsonian Institution, plus numerous internationally recognized themed attractions, events and corporations.
His background also includes senior management and creative positions in the advertising industry in the US and Canada and in the media industry as a Contributing Editor of Canadian Business Magazine. He was also a founding Director of City TV, Vancouver.
Aaron Fader is President of Inception Ventures and a skilled business entrepreneur, manager and administrator. He has directed the successful start-up and growth of a number of companies and has served as an officer and director of both private and public corporations and has held senior executive positions in a number of successful business ventures, two of which he created and operated. As well, he successfully negotiated and completed the sale of one company to a major US manufacturer.
He has well developed and proven skills in all areas of corporate management and administration and has been actively involved in new product design, manufacturing and marketing. He also has broad experience in the fields of product patents, intellectual property issues and IP licensing.
About MLS:
Mobile Lottery Solutions is a leading new media applications developer that markets patent-protected gaming solutions to regulated lotteries, consumer brands, gaming operators and sports and entertainment organizations throughout North America.
Respectfully submitted on behalf of the Company,
Wm R. McKay, P.Eng.
________________________________
Chairman of the Board & CEO
For further information contact:
Catherine Milaire
Mobile Lottery Solutions Inc.
683 Millbank Road, Vancouver BC V5Z 4B7 Canada
Phone: (604) 606-2032
Fax: (604) 606-2040
Email: investorinfo@mobilelottery.com
Website: http://www.mobilelottery.com
For further information contact:
Jason Sharla
Insight Financial Marketing Network
Suite 333 - 555 6th Street,
New Westminister, BC V3L 5H1 Canada
Tel 866-528-9848
Fax 604-528-9897
E-mail: jsharda@insightfmn.com
Website: http://insightfmn.com
Goood Morning, ''Bright n Early'' .... !!!
Undervalued Stock #2 ========== ----------- Oneok Partners L.P. (NYSE: OKS) ----------- Insider Name: David L. KyleInsider Position: DirectorInsider Action: 3,000 shrs on 2/26/2007Insider Total Holding: 8,000 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 11.8 (Industry Average 23.7)P/S Ratio = 1.15 (Industry Average 2.64)P/B Ratio = 2.47 (Industry Average 3.31)P/CF Ratio = 10.9 (Industry Averge 11.9) Industry: Oil & Gas Pipelines -------------------------------------------------------Other Merits... Dividend Yield = 6.1% ----------- Oneok Partners L.P. (NYSE: OKS)
Undervalued Stock #1 ========== --------------- Cenveo, Inc. (NYSE: CVO) --------------- Insider Name: Leonard C. GreenInsider Position: DirectorInsider Action: 10,000 shrs on 3/6/2007Insider Total Holding: 584,120 shrs -------------------------------------------------------Undervaluation Merits... P/S Ratio = 0.86 (Industry Average 1.21) Industry: Paper & Paper Products --------------- Cenveo, Inc. (NYSE: CVO)
AFX News Limited Friday, March 09, 2007
China National Petroleum Corp, the parent of PetroChina Co Ltd, is expected to obtain new exploration rights to the al-Ahdab oil field in Iraq, CNPC-owned China Oilnews said.
Assem Jihad, a spokesman for the Iraqi Oil Ministry, was quoted as saying that CNPC officials arrived in Iraq on March 6 to negotiate a new contract to jointly develop al-Ahdab.
After China won exploration rights to al-Ahdab in 1997, activities at the Related Pictures field were suspended due to UN sanctions and postwar security problems.
The field has projected reserves of up to 1 billion barrels, it said.
The 1997 contract was valued at US$700 million over 23 years. Planned oil production was 90,000 barrels per day.
In February, the Iraqi Cabinet approved a draft Oil Law aimed at encouraging international companies to exploit the country's petroleum reserves, estimated at about 115 billion barrels.
http://www.rigzone.com/news/article.asp?a_id=42354
Ear on the Street
Ascalade Communications (ACG : TSX : $2.87)
Q4 and F2006 results in line
GMP Securities maintains "buy", 12-month target price is cut to $3.40
Raymond James maintains "market perform", 6-12 month target price is raised to $3.00
TD Newcrest maintains "hold", 12-month target price is $3.00
Alberta Clipper Energy (ACN : TSX : $4.73)
Recent share weakness represents good opportunity
GMP Securities maintains "buy", 12-month target price is $9.00
AEterna Zentaris (AEZ : TSX : $3.54 | AEZS : NASDAQ : US$3.01)
F2006 in line
GMP Securities maintains "buy", 12-month target price is US$9.00
RBC Capital Markets maintains "outperform", 12-month target price is cut to US$6.50
Anatolia Minerals Dev Ltd (ANO : TSX : $5.30)
Updated Copler mineplan
RBC Capital Markets maintains "top pick", 12-month target price is $8.00
Biovail (BVF : TSX : $24.50 | NYSE : US$20.82)
A comprehensive settlement related to Wellbutrin XL
RBC Capital Markets maintains "outperform", 12-month target price is US$24.00
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to US$22.00
Creststreet Power & Income (CRS.UN : TSX : $5.30)
Weak Q4 preliminary results reported
BMO Capital Markets maintains "underperform", 12-month target price is $4.25
Scotia Capital Markets maintains "sector perform", 12-month target price is $5.25
Contrans Income Fund (CSS.UN : TSX : $10.52)
F2006 meets expectations
BMO Capital Markets maintains "market perform", 12-month target price is $10.75
Desjardins Securities maintains "hold", 12-month target price is $11.60
Catalyst Paper (CTL : TSX : $3.66)
New board directors
BMO Capital Markets upgrades to "outperform", 12-month target price is raised to $4.25
Calloway REIT (CWT.UN : TSX : $27.58)
Trading at a large discount to NAV
Desjardins Securities upgrades to "top pick", 12-month target price is $33.35
RBC Capital Markets maintains "outperform", 12-month target price is $30.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is cut to $29.00
TD Newcrest upgrades to "buy", 12-month target price is raised to $30.00
Duvernay Oil Corp (DDV : TSX : $31.79)
Closes the flow-through financing
Scotia Capital Markets upgrades to "sector outperform", 12-month target price is $47.00
Delphi Energy (DEE : TSX : $1.60)
Closes $18 million equity financing
Scotia Capital Markets maintains "sector perform", 12-month target price is cut to $2.25
Evertz Technologies (ET : TSX : $13.50)
Fiscal 2007 third quarter results expected tomorrow
Raymond James maintains a "outperform", 6-12 month target price is $16.50
BMTC Group (GBT.A : TSX : $19.50)
Impressive margins in fourth quarter
BMO Nesbitt Burns maintains a "market perform", target price raised to $21.50
Home Capital Group (HCG : TSX : $34.77)
Looks attractive at current levels
TD Newcrest upgrades to "buy", 12-month target price is $38.00
Hanfeng Evergreen (HF : TSX : $6.20)
Excellent growth potential
GMP Securities initiates coverage with a "buy", target price is $8.10
Intrepid Mines (IAU : TSX : $0.57)
Good feasibility study results released for Casposo project in Argentina
Blackmont Capital maintains a "buy", 12-month target price is cut to $1.00
Inmet Mining (IMN : TSX : $53.74)
Current pullback creates buying opportunity
Desjardins Securities upgrades to "buy", target price is $63.25
Inter Pipeline Fund (IPL.UN : TSX : $9.05)
Announces agreement to buy Corridor Pipeline
BMO Nesbitt Burns maintains a "market perform", target price cut to $8.50
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $9.00
TD Newcrest upgrades to "buy", 12-month target price is raised to $9.50
K-Bro Linen Income Fund (KBL.UN : TSX : $12.00)
Conference call expected tomorrow
Blackmont Capital maintains a "buy", 12-month target price is $13.00
Liquor Stores Income Fund (LIQ.UN : TSX : $20.06)
Fourth quarter and full-year 2006 results expected after today's close
Raymond James maintains a "market perform", 6-12 month target price is $18.00
MDS Inc. (MDS : TSX : $21.85 | MDZ : NYSE : US$18.55)
Peer group reports mixed results
Raymond James maintains a "market perform", 6-12 month target price is $20.25
TD Newcrest maintains a "hold", 12-month target price is $22.00
Magna Entertainment (D) (MEC.A : TSX : $4.50 | MECA : NASDAQ : US$3.80)
Releases mixed fourth quarter results
GMP Securities maintains a "buy", target price cut to US$6.05
Metro Inc. (MRU.A : TSX : $40.22)
A&P to sell up to 31% of its Metro shares
Desjardins Securities maintains a "hold", target price is $41.00
RBC Capital Markets maintains a "sector perform", target price is $40.00
Northern Property REIT (NPR.UN : TSX : $24.95)
Conservative management
Blackmont Capital rate "buy", 12-month target price is $26.50
Opta Minerals Inc (OPM : TSX : $4.20)
Replicate MagTech operations
Blackmont Capital rates "buy", 12-month target price is $4.75
Osprey Media Income Fund (OSP.UN : TSX : $5.85)
Reviewing strategic alternatives
BMO Nesbitt Burns rates "market perform", 12-month target price is raised to $6.05
TD Newcrest maintains "hold", 12-month target price is $5.50
Progress Energy Trust (PGX.UN : TSX : $12.00)
$390.3 million. acquisition
Blackmont Capital maintains "hold", 12-month target price is $12.50
Primaris Retail REIT (PMZ.UN : TSX : $21.11)
Results slightly above expectations
BMO Nesbitt Burns maintains "market perform", 12-month target price is raised to $22.00
Desjardins Securities rates "buy", 12-month target price is $21.90
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $21.50
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $20.00
Pacific & Western Credit (PWC : TSX : $11.20)
Core lending business disappointing
GMP Securities Securities downgrades to "reduce", 12-month target price is lowered to $9.75
ProEx Energy Ltd. (PXE : TSX : $12.81)
Acquires interests in producing assets in B.C.
Scotia Capital Markets maintains "sector perform", 12-month target price is cut to $17.00
Research In Motion (RIM : TSX : $160.11 | RIMM : NASDAQ : US$136.07)
Strong financial performance
GMP Securities Securities maintains "hold", 12-month target price is US$128.25
RBC Capital Markets rates "outperform", no target price reported
Scotia Capital Markets maintains "sector outperform", 12-month target price is $211.00
TD Newcrest maintains "buy", 12-month target price is US$175.00
Semafo Inc. (SMF : TSX : $2.28)
45% increase at Kiniero mine
Blackmont Capital maintains "hold", 12-month target price is $2.30
Trilogy Energy Trust (TET.UN : TSX : $9.47)
Production delays
Blackmont Capital maintains "buy', 12-month target price is $12.50
BMO Nesbitt Burns maintains "market perform", 12-month target price is $11.60
Scotia Capital Markets maintains "sector underperform", 12-month target price is $10.00
TD Newcrest maintains "hold", 12-month target price is $9.50
Tim Hortons (THI : TSX : $35.36 | NYSE : US$30.05)
Breakfast sandwich performs well
TD Newcrest upgrades to "buy", 12-month target price is $39.00
Tree Island Wire Income Fund (TIL.UN : TSX : $6.59)
Weak Q4
Scotia Capital Markets maintains "sector underperform", 12-month target price is $7.00
Wellco Energy Services (WLL.UN : TSX : $6.27)
Q4/06 results in line
TD Newcrest maintains "hold", 12-month target price is $6.50
Yukon Zinc (YZC : TSX-V : $0.25)
Expected share dilution
Blackmont Capital downgrades to "hold", 12-month target price is cut to $0.45
Ear on the Street
Alliance Atlantis Commun. (AAC.B : TSX : $51.78)
Reports Q4 and year-end results
BMO Nesbitt Burns maintains a "market perform", target price is $53.00
CIBC World Markets maintains a "sector perform", target price is $53.00
Desjardins Securities reiterates "tender", target price is $53.00
TD Newcrest maintains a "hold", 12-month target price is $53.00
Air Canada (AC.B : TSX : $17.33)
Releases February traffic growth
CIBC World Markets maintains a "sector outperform", target price is $24.00
ACE Aviation Holdings (ACE.B : TSX : $36.04)
Announces further Jazz and Aeroplan distributions
Canaccord Adams maintains "buy", 12-month target price is $35.00
Credit Suisse maintains a "neutral", target price cut to $34.50
Alberta Clipper Energy (ACN : TSX : $4.88)
New discover in the Sylvan Lake core area
BMO Nesbitt Burns maintains a "outperform", target price is $6.75
Alimentation Couche-Tard (ATD.B : TSX : $24.95)
Q3/F07 results expected Tuesday
CIBC World Markets maintains a "sector perform", target price is $30.00
RBC Capital Markets maintains a "sector perform", 1-year target price is $25.00
Advantage Energy Income Fund (AVN.UN : TSX : $12.15 | AAV : NYSE : US$10.32)
Exercising over-allotment on recent equity issue
RBC Capital Markets maintains a "sector perform", 12-month target price is $10.25
Bank of Nova Scotia (BNS : TSX : $51.56 | NYSE : US$43.75)
Posts solid first quarter earnings
Blackmont Capital maintains a "buy", 12-month target price is raised to $61.00
BMO Nesbitt Burns maintains a "underperform", target price raised to $53.00
CIBC World Markets maintains a "sector outperform", target price is $58.00
Credit Suisse maintains a "neutral", target price raised to $57.00
Desjardins Securities upgrades to "top pick", target price is $57.00
TD Newcrest maintains a "action list buy", 12-month target price is raised to $60.00
Boston Pizza Royalties (BPF.UN : TSX : $15.13)
Reports soft January same-store sales
Scotia Capital Markets maintains a "sector perform", 1-year target price is $15.50
Bow Valley Energy (BVX : TSX : $6.39)
Released 2006 year-end results
Blackmont Capital maintains "buy", 12-month target price is $7.50
BMO Nesbitt Burns maintains a "outperform", target price cut to $7.75
Raymond James maintains a "outperform", 6-12 month target price is $8.25
Scotia Capital Markets maintains a "sector outperform", 1-year target price is $9.00
Cogeco Cable (CCA : TSX : $41.12)
Looks attractive at current levels
BMO Nesbitt Burns maintains a "outperform", target price raised to $50.00
Cinram International (CRW.UN : TSX : $24.00)
Highlights from fourth quarter conference call
Canaccord Adams maintains "hold", 12-month target price is $23.00
RBC Capital Markets maintains a "outperform", target price is $28.00
Constellation Software (CSU : TSX : $24.75)
Expected to report in line Q4 results
RBC Capital Markets reiterates "outperform", target price is $25.00
Canadian Western Bank (CWB : TSX : $24.07)
First quarter results expected today
Blackmont Capital maintains a "buy", 12-month target price is $27.00
Calloway REIT (CWT.UN : TSX : $28.00)
Potential for growth still seen in coming year
CIBC World Markets continues to rate "sector outperform", target price cut to $30.00
Draxis Health (DAX : TSX : $6.54 | DRAX : NASDAQ : US$5.55)
Recent share price appreciation behind downgrade
Scotia Capital Markets downgrades to "sector perform", 1-year target price is $6.00
easyhome (EH : TSX : $17.65)
Announces fourth quarter results and U.S. growth strategy
Raymond James maintains a "outperform", 6-12 month target price raised to $23.00
Emera Inc. (EMA : TSX : $20.12)
Share price correction in recent months; now fairly valued
CIBC World Markets upgrades to "sector perform", target price is $21.00
Futuremed Healthcare (FMD.UN : TSX : $9.70)
Reports Q4/06 results Thursday
Blackmont Capital rates "speculative buy", 12-month target price is $10.50
Finning International (FTT : TSX : $52.00)
Speculation on Hewden sale
RBC Capital Markets rates "outperform", 12-month target price is $55.00
Gabriel Resources (GBU : TSX : $4.40)
Expected delays in Romania
Raymond James maintains "outperform", 12-month target price is reduced to $6.75
Golf Town Income Fund (GLF.UN : TSX : $14.25)
Opening five new stores this year
BMO Nesbitt Burns maintains "outperform", 12-month target price is $15.00
Intermap Technologies (IMP : TSX : $5.61)
Performance benchmarks all positive
Canaccord Capital maintains "speculative buy", 12-month target price is $10.00
Iteration Energy (ITX : TSX : $5.05)
Announce preliminary year end reserves
RBC Capital Markets maintains "outperform", 12-month target price is increased to $5.75
MDS Inc. (MDS : TSX : $21.81 | MDZ : NYSE : US$18.51)
Waiting for FDA resolution
Desjardins Securities rates "hold", 12-month target price is $22.50
RBC Capital Markets rates "sector perform", 12-month target price is $23.00
Mullen Group Income Fund (MTL.UN : TSX : $18.12)
Results in-line with expectations
RBC Capital Markets rates "sector perform", no target price reported
Nortel Networks Corp. (NT : TSX : $32.89 | NYSE : US$27.90)
Partnership with Microsoft
RBC Capital Markets maintains "sector perform", 12-month target price is $32.00
North West Company Fund (NWF.UN : TSX : $16.10)
Only game in town
RBC Capital Markets initiates coverage with "outperform", 12-month target price is $18.50
OPTI Canada Inc (OPC : TSX : $19.51)
Oil sands pure-play
Blackmont Capital rates "hold", 12-month target price is $21.50
Peak Energy Services Trust (PES.UN : TSX : $3.89)
High debt levels
Canaccord Capital resumes coverage with "buy", 12-month target price is $5.00
TD Newcrest maintains "hold", 12-month target price is reduced to $4.00
Progress Energy Trust (PGX.UN : TSX : $11.98)
Announces acquisition
TD Newcrest maintains "buy", 12-month target price is $13.50
Parkland Income Fund (PKI.UN : TSX : $34.67)
Strong Q4/06 results
Raymond James maintains "outperform", 12-month target price is $36.50
ProEx Energy Ltd. (PXE : TSX : $12.98)
$134 million acquisition
RBC Capital Markets rates "outperform", 12-month target price is $17.00
Rogers Communications (RCI.B : TSX : $37.79 | RG : NYSE : US$32.08)
Debt now unsecured
Scotia Capital Markets rates "sector outperform", 12-month target price is $48.00
Steeplejack Industrial Group (SID : TSX : $7.50)
Overlooked and undervalued
Raymond James maintains "strong buy", 6-12 month target price is $10.00
Superior Plus Income Fund (SPF.UN : TSX : $12.45)
2006 results in line
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $12.50
Suncor Energy (SU : TSX : $83.02)
Operating and capex inflation
Credit Suisse maintains "outperform", 12-month target price is $110.00
Sherwood Copper (SWC : TSX-V : $4.44)
Closing $40 million debt financing
Blackmont Capital maintains "buy", 12-month target price is $5.50
Sierra Wireless (SW : TSX : $16.33 | SWIR : NASDAQ : US$13.85)
Purchases Airlink Communications
GMP Securities maintains "hold", 12-month target price is US$14.25
Haywood Securities maintains "sector outperform", 12-month target price is US$20.00
Raymond James maintains "outperform", 6-12 month target price is US$17.00
RBC Capital Markets maintains "sector perform", 12-month target price is not given
Sunrise Senior Living REIT (SZR.UN : TSX : $17.33)
Ontario court ruled in favor of Ventas
RBC Capital Markets maintains "sector perform", 12-month target price is $18.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $18.00
TransAlta Corp. (TA : TSX : $24.53)
Cheap valuation
CIBC World Markets upgrades to "sector outperform", 12-month target price is $28.00
Teck Cominco Ltd. (TCK.B : TSX : $80.50)
Upgrade on price decline
CIBC World Markets upgrades to "sector outperform", 12-month target price is $100.00
Lakeport Brewing Income Fund (TFR.UN : TSX : $27.84)
Competing bid unlikely
Scotia Capital Markets rates "tender", 12-month target price is $28.00
Thunder Energy Trust (THY.UN : TSX : $3.85)
Disappointing 2006 year-end results and another reserve writedown
Canaccord Adams maintains "buy", 12-month target price is cut to $5.25
CIBC World Markets maintains "sector perform", 12-month target price is cut to $4.75
Tree Island Wire Income Fund (TIL.UN : TSX : $6.80)
Weak Q4
Scotia Capital Markets maintains "sector perform", 12-month target price is $7.00
Domtar Corp. (UFS : TSX : $10.39 | NYSE : US$8.81)
Completes transaction with Weyerhaeuser's paper business
TD Newcrest upgrades to "buy", 12-month target price is raised to $12.00
Wajax Income Fund (WJX.UN : TSX : $34.03)
Q4 in line
BMO Capital Markets maintains "outperform", 12-month target price is raised to $37.00
Canaccord Adams maintains "buy", 12-month target price is raised to $38.00
Desjardins Securities maintains "buy", 12-month target price is raised to $38.00
Raymond James maintains "outperform", 6-12 month target price is cut to $36.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
Yamana Gold Inc. (YRI : TSX : $16.43 | AUY : NYSE : US$13.94)
Additional positive results from QDD West
Raymond James maintains "strong buy", 6-12 month target price is $23.00
Sleep Country Canada (Z.UN : TSX : $25.00)
Q4 below estimates
BMO Capital Markets maintains "market perform", 12-month target price is $26.00
Ear on the Street
Amtelecom Income Fund (AMT.UN : TSX : $13.40)
Q4 better than expected
Canaccord Adams maintains "buy", 12-month target price is $14.00
Aecon Group (ARE : TSX : $8.27)
Good Q4 results
Canaccord Adams maintains "hold", 12-month target price is raised to $8.85
Raymond James maintains "market perform", 12-month target price is $8.55
Alimentation Couche-Tard (ATD.B : TSX : $24.82)
Q3 preview
Scotia Capital Markets maintains "sector perform", 12-month target price is $25.00
TD Newcrest maintains "action list buy", 12-month target price is $33.00
Canam Group Inc (CAM : TSX : $9.75)
Q4 was negatively impacted by unusual factors
Raymond James maintains "strong buy", 6-12 month target price is $9.80
Cogeco Cable (CCA : TSX : $41.66)
Q2 preview
TD Newcrest maintains "hold", 12-month target price is raised to $45.00
COM DEV International (CDV : TSX : $6.05)
Announces second commercial satellite ATP
CIBC World Markets maintains "sector outperform", 12-month target price is $8.00
Cathedral Energy Services (CET.UN : TSX : $10.35)
Weak canadian drilling activities
RBC Capital Markets downgrades to "sector perform", 12-month target price is $11.50
COGECO Inc. (CGO : TSX : $37.80)
Q2 preview
TD Newcrest maintains "hold", 12-month target price is raised to $43.00
Chariot Resources (CHD : TSX : $0.80)
Model updates based on preliminary Whittle analysis
Haywood Securities maintains "sector outperform", 12-month target price is raised to $1.20
Raymond James maintains "strong buy", 6-12 month target price is $1.30
Corus Entertainment (CJR.B : TSX : $47.38 | CJR : NYSE : US$40.00)
Reduced takeout potential
TD Newcrest maintains "hold", 12-month target price is cut to $49.00
Canadian Natural Resources (CNQ : TSX : $61.05 | NYSE : US$51.81)
Q4 beats expectations
Blackmont Capital maintains a "hold", 12-month target price is raised to $60.00
CIBC World Markets maintains "sector perform", 12-month target price is $65.00
Credit Suisse maintains "outperform", 12-month target price is $80.00
Raymond James maintains "market perform", 6-12 month target price is $63.00
RBC Capital Markets maintains "outperform", 12-month target price is $65.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $67.00
TD Newcrest maintains "hold", 12-month target price is $58.00
Constellation Software (CSU : TSX : $24.70)
Meets 20% growth target
RBC Capital Markets maintains "outperform", 12-month target price is not given
Caribbean Utils Ltd (CUP.U : TSX : US$11.75)
Q3 misses
Scotia Capital Markets maintains "sector perform", 12-month target price is US$13.00
Emergis (EME : TSX : $5.88)
Standard Life signs a five year contract
Scotia Capital Markets maintains "sector outperform", 12-month target price is $6.50
Fairborne Energy Trust (FEL.UN : TSX : $9.83)
Healthy balance sheet
Blackmont Capital maintains "buy", 12-month target price is $10.00
Fairquest Energy (FQE : TSX : $3.16)
Releases year-end financial, reserves and operating results
Canaccord Adams maintains a "speculative buy", target price cut to $4.00
Dundee Securities maintains a "market outperform", target price is $5.60
Raymond James maintains "strong buy", 6-12 month target price is $5.00
RBC Capital Markets maintains a "sector perform", 12-month target price is $3.75
Great Canadian Gaming (GCD : TSX : $12.83)
New Street coverage
Raymond James initiates coverage with a "market perform", 12-month target price is $14.00
Gateway Casinos Income Fund (GCI.UN : TSX : $19.60)
New Street coverage
Raymond James initiates coverage with a "strong buy", 12-month target price is $24.00
Gildan Activewear (GIL : TSX : $62.19 | NYSE : US$52.66)
Earning momentum should accelerate in H2/F2007
Scotia Capital Markets maintains "sector outperform", 12-month target price is raised to $70.00
Golf Town Income Fund (GLF.UN : TSX : $14.30)
Posts impressive fourth quarter results
CIBC World Markets maintains a "sector outperform", target price raised to $16.00
K-Bro Linen Income Fund (KBL.UN : TSX : $11.90)
Q4 numbers beat expectations
Blackmont Capital Maintains a "buy", 12-month target price is $13.00
Canadian Hydro Developers (KHD : TSX : $6.23)
Signed a 20-year PPA with New Brunswick Power
RBC Capital Markets maintains "outperform", 12-month target price is $7.00
Liponex (LPX : TSX : $0.58)
Disappointing interim data
Blackmont Capital maintains a "speculative buy", 12-month target price is cut to $2.50
Haywood Securities maintains a "sector perform", target price is $2.50
Marsulex Inc. (MLX : TSX : $11.01)
Strong Q4 results and outlook
Blackmont Capital maintains a "buy", 12-month target price is raised to $11.75
Melcor Developments (MRD : TSX : $26.64)
February MLS data for Calgary and Edmonton released
Desjardins Securities maintains a "top pick", target price is $36.50
Mullen Group Income Fund (MTL.UN : TSX : $17.94)
Slightly disappointing fourth quarter results
Raymond James maintains "market perform", 6-12 month target price is $19.00
RBC Capital Markets maintains a "sector perform", target price cut to $19.50
TD Newcrest maintains a "hold", 12-month target price is $20.00
Methanex Corp. (MX : TSX : $29.50 | MEOH : NASDAQ : US$24.98)
Agreement reached in Chile
RBC Capital Markets maintains a "underperform", target price is US$20.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $26.00
Newalta Income Fund (NAL.UN : TSX : $26.45)
Releases disappointing fourth quarter results
RBC Capital Markets maintains a "sector perform", target price not provided
Allon Therapeutics (NPC : TSX : $1.49)
Phase Ib results for AL-108
Blackmont Capital maintains "buy", 12-month target price is $2.50
NuVista Energy Ltd (NVA : TSX : $12.73)
Light production numbers in Q4, but future remains bright
Tristone Capital maintains a "outperform", 12-month target price is $16.50
Peyto Energy Trust (PEY.UN : TSX : $16.55)
Price decrease and inflation squeeze margins
RBC Capital Markets maintains "sector perform", 12-month target price is $17.25
Progress Energy Trust (PGX.UN : TSX : $11.99)
Announces acquisition
Tristone Capital rates "outperform", 12-month target price is raised to $14.50
Parkland Income Fund (PKI.UN : TSX : $34.69)
Posts in line fourth quarter results
CIBC World Markets maintains a "sector perform", target price cut to $38.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $36.50
Paramount Energy Trust (PMT.UN : TSX : $9.92)
Results miss expectations
Blackmont Capital maintains "hold", 12-month target price is reduced to $10.75
Primary Energy Recycling (PRI.UN : TSX : $9.20)
Weaker than expected Q4/06
RBC Capital Markets rates "sector perform", 12-month target price is $10.00
Provident Energy Trust (PVE.UN : TSX : $12.62)
Strong Q4 results driven by the midstream business
Canaccord Adams maintains a "hold", target price raised to $12.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $13.00
ProEx Energy Ltd. (PXE : TSX : $12.97)
Expanding in BC foothills
Tristone Capital rates "outperform", 12-month target price is raised to $17.00
Research In Motion (RIM : TSX : $162.39 | RIMM : NASDAQ : US$137.51)
Financials expected soon
RBC Capital Markets maintains "outperform", no target price reported
Vector Aerospace Corp (RNO : TSX : $6.25)
Considering acquisition opportunities
GMP Securities Securities maintains "buy", 12-month target price is raised to $8.40
Second Cup Royalty (SCU.UN : TSX : $10.37)
Q4 in line
Scotia Capital Markets maintains "sector underperform", 12-month target price is $10.00
Saxon Financial Inc (SFI : TSX : $23.84)
Compelling growth profile
Dundee Securities maintains "market perform", 12-month target price is $27.00
Superior Plus Income Fund (SPF.UN : TSX : $12.76)
Positive results
TD Newcrest maintains "hold", 12-month target price is raised to $12.00
Stornoway Diamond (SWY : TSX : $1.25)
Issues $20mm convertible debt
GMP Securities Securities maintains "buy", 12-month target price is $1.80
Raymond James maintains "strong buy", 6-12 month target price is $1.70
Universal Energy Group Ltd. (UEG : TSX : $14.72)
Ethanol facility under construction
GMP Securities Securities initiates coverage with a "buy", 12-month target price is $17.75
Domtar Corp. (UFS : TSX : $10.86 | NYSE : US$9.18)
Deal with Weyerhaeuser done
Desjardins Securities upgrades to "buy", target price raised to US$10.75
TSX Group (X : TSX : $50.30)
Strong February
Dundee Securities maintains "market neutral", 12-month target price is $52.00
Sleep Country Canada (Z.UN : TSX : $24.80)
Soft Q4/06 results
Canaccord Capital maintains "buy", 12-month target price is $30.00
CIBC World Markets maintains "sector perform", 12-month target price is $26.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $28.00
TD Newcrest maintains "hold", 12-month target price is $27.00
Ear on the Street
ACE Aviation Holdings (ACE.B : TSX : $35.60)
Special distribution of Aeroplan and Jazz units to shareholders
Desjardins Securities maintains "hold", 12-month target price is $36.00
RBC Capital Markets maintains "outperform", 12-month target price is $54.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $36.00
TD Newcrest maintains "buy", 12-month target price is $45.00
Arctic Glacier Income Fund (AG.UN : TSX : $12.80)
Acquisition of an ice company in California
Scotia Capital Markets maintains "sector perform", 12-month target price is $13.50
Alimentation Couche-Tard (ATD.B : TSX : $24.75)
Q3 preview
National Bank Financial maintains "sector perform", 12-month target price is $26.00
Agricore United (AU : TSX : $14.77)
Q1 in line
National Bank Financial maintains "sector perform", 12-month target price is $15.00
Bank of Montreal (BMO : TSX : $69.57)
Solid Q1
Credit Suisse maintains "neutral", 12-month target price is $74.00
Boralex Power Income Fund (BPT.UN : TSX : $10.10)
Initiated the sale process
CIBC World Markets maintains "sector underperform", 12-month target price is $9.00
Desjardins Securities maintains "hold", 12-month target price is $10.50
National Bank Financial maintains "outperform", 12-month target price is $15.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $9.25
TD Newcrest maintains "hold", 12-month target price is raised to $10.50
Cascades Inc. (CAS : TSX : $12.52)
Growth remains a focus
TD Newcrest maintains "hold", 12-month target price is $14.50
Certicom Corp. (CIC : TSX : $5.05)
Q3 below estimates
Credit Suisse maintains "neutral", 12-month target price is raised to $7.00
Colabor Income Fund (CLB.UN : TSX : $9.50)
Q4 in line
Canaccord Adams maintains "buy", 12-month target price is cut to $11.00
CIBC (CM : TSX : $99.47)
Q1 EPS ahead of expectations
Credit Suisse maintains "outperform", 12-month target price is $112.00
Canadian Pacific Railway (CP : TSX : $62.64)
Boosts quarterly dividend to 22.5 cents/share
Blackmont Capital maintains "buy", 12-month target price is $68.75
Constellation Software (CSU : TSX : $24.99)
Acquired PG Govern
CIBC World Markets maintains "sector perform", 12-month target price is $22.00
CV Technologies (CVQ : TSX : $2.45)
Revised labelling for COLD-fX
RBC Capital Markets maintains "sector perform", 12-month target price is $3.00
easyhome (EH : TSX : $16.70)
Strong EPS growth expected from Q4/06 numbers
Blackmont Capital maintains a "buy", 12-month target price is $18.00
Eastern Platinum (ELR : TSX : $1.77)
Listed shares on JSE
Canaccord Capital rates "buy", 12-month target price is $2.00
Evertz Technologies (ET : TSX : $13.41)
Q3 preview
RBC Capital Markets maintains "outperform", 12-month target price is $17.00
Fording Canadian Coal Trust (FDG.UN : TSX : $25.07)
Distribution below expectations
TD Newcrest downgrades to "reduce", 12-month target price is cut to $23.00
Flint Energy Services Ltd. (FES : TSX : $26.51)
Wins contract from Shell
Blackmont Capital maintains "buy", 12-month target price is $38.50
TD Newcrest maintains "buy", 12-month target price is $36.00
GMP Capital Trust (GMP.UN : TSX : $20.75)
Results higher than expected
Sprott Securites maintains "market perform", 12-month target price is $21.00
Garda World Security Corp (GW : TSX : $19.60)
Acquisition of AT systems
Desjardins Securities maintains "buy", 12-month target price is $25.50
Harris Steel Group (HSG : TSX : $46.15)
96% of shares tendered
Blackmont Capital discontinues coverage
InterRent REIT (IIP.UN : TSX-V : $5.25)
Listing units on TSX
Blackmont Capital rates "buy", 12-month target price is raised to $6.35
INSCAPE (INQ : TSX : $4.00)
Results ahead of expectations
TD Newcrest maintains "buy", 12-month target price is $5.50
Kinross Gold (K : TSX : $15.02 | KGC : NYSE : US$12.66)
Expecting strong growth ahead
CIBC World Markets rate "sector outperform", 12-month target price is $19.00
Major Drilling Group Intl. (MDI : TSX : $27.16)
Stronger than expected results
TD Newcrest maintains "buy", 12-month target price is raised to $33.00
MDS Inc. (MDS : TSX : $21.78 | MDZ : NYSE : US$18.48)
Results released March 8
Scotia Capital Markets rates "sector perform", 12-month target price is $22.00
Meridian Gold (MNG : TSX : $29.87 | MDG : NYSE : US$25.22)
El Penon grades slide
CIBC World Markets rate "sector underperform", 12-month target price is cut to US$27.00
MTI Global (MTI : TSX : $1.35)
Weaker margins at Aerospace and Leewood
TD Newcrest maintains "speculative buy", 12-month target price is $2.25
NAL Oil & Gas Trust (NAE.UN : TSX : $11.90)
Reserves decline 8.2% YoY
CIBC World Markets downgrades to "sector perform", 12-month target price is cut to $13.50
National Bank Financial maintains "outperform", 12-month target price is cut to $13.25
Raymond James downgrade to "market perform", 12-month target price is $12.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $12.50
TD Newcrest maintains "buy", 12-month target price is $13.00
National Bank of Canada (NA : TSX : $64.85)
EPS better than expected
National Bank Financial rate "sector perform", 12-month target price is $71.00
Newfoundland Capital Corp. (NCC.A : TSX : $19.49)
Revenue growth of 9%
GMP Securities Securities downgrades to "hold", 12-month target price is raised to $20.00
TD Newcrest maintains "hold", 12-month target price is $19.00
Northgate Minerals Corp. (NGX : TSX : $3.87 | NXG : AMEX : US$3.24)
Onset of cash lowers valuation
Canaccord Capital maintains "hold", 12-month target price is US$4.00
NuVista Energy Ltd (NVA : TSX : $12.80)
Results slightly below expectations
Scotia Capital Markets maintains "sector perform", 12-month target price is $17.25
TD Newcrest maintains "buy", 12-month target price is cut to $16.00
Open Text (OTC : TSX : $24.73)
Acquires ECM solutions
Raymond James rates "outperform", 12-month target price is $26.00
PRT Forest Regen. Income Fund (PRT.UN : TSX : $9.39)
Releases in line fourth quarter results
RBC Capital Markets downgrades to "sector perform", target price is $9.50
Patheon Inc. (PTI : TSX : $4.81)
Receives $150 million investment from JLL Partners
Desjardins Securities maintains a "hold", target price is $5.75
Scotia Capital Markets maintains a "sector underperform", 1-year target price cut to $4.80
TD Newcrest downgrades to "hold", 12-month target price is cut to $5.50
Resolve Business Outsourcing (RBO.UN : TSX : $8.46)
Fourth quarter results come in below expectations
RBC Capital Markets maintains a "sector perform", target price cut to $8.50
Royal Bank of Canada (RY : TSX : $54.95 | NYSE : US$46.51)
Beats first quarter estimates
Blackmont Capital maintains a "buy", 12-month target price is raised to $61.00
CIBC World Markets upgrade to "sector outperform", 12-month target price is raised to $64.00
Scotia Capital Markets maintains a "sector outperform", 1-year target price raised to $75.00
TD Newcrest maintains an "action list buy", 12-month target price is raised to $64.00
Saputo Inc. (SAP : TSX : $44.35)
Challenging cheese market expected to result in more M&A activity in 2007
TD Newcrest maintains a "buy", 12-month target price is $49.00
Sylogist Ltd. (SYZ : TSX-V : $0.72)
Q1/06 results, shows Auma expenses and distractions
Canaccord Adams maintains a "buy", target price cut to $1.15
Talisman Energy (TLM : TSX : $18.88)
No change to company guidance for 2007
Credit Suisse maintains a "neutral", target price is $23.00
Sino-Forest Corp. (TRE : TSX : $10.15)
Current levels offer attractive entry point
Haywood Securities maintains a "sector outperform", target price is $13.00
TransCanada Corp. (TRP : TSX : $37.66)
Earnings growth to drive outperformance in 2007
Desjardins Securities upgrades to "top pick", target price is $43.00
Titan Exploration Ltd. (TTN.A : TSX : $1.95)
Decreasing available credit to limit 2007 capital spending
Raymond James maintains a "market perform", 6-12 month target price cut to $2.25
Verenex Energy (VNX : TSX : $9.48)
Encouraging results from exploration activity in Libya
Canaccord Adams maintains a "hold", target price raised to $9.35
Cuba oil boom may complicate U.S. embargo
Posted on Fri, Mar. 02, 2007
BY JANE BUSSEY
The discovery of oil in the Florida Straits and near the Cuban shoreline -- potentially billions of barrels of reserves -- has boosted Cuba's energy prospects and drawn the attention of the U.S. oil industry.
Now, a small Canadian energy company, Sherritt International, says it plans to export Cuban oil for the first time -- a move that could put the crude on a collision course with the U.S. trade embargo against Cuba.
Details are few, but questions about the move go to the heart of the embargo: Where will the oil be refined? And how could Sherritt International or subsequent handlers keep the Cuban crude out of fuel being exported to the United States?
The issues rise as the oil and gas industry turns its gaze to the prospect of oil drilling off Cuba -- currently forbidden fruit for U.S. companies.
Sherritt International, in a report about its record 2006 earnings, said that in 2007 it ``plans to export a portion of its Cuban production as a consequence of anticipated production growth and limited demand for domestic heavy oil.''
Sherritt, which had revenue of about $1 billion U.S. in 2006, produces an estimated 68,000 barrels of crude oil in Cuba. Michael Minnes, company spokesman, said plans for exporting the oil are still under discussion.
''We respect U.S. law,'' Minnes said from Sherritt's Toronto headquarters. ``We have no intention of selling it into a situation that would affect the embargo.''
Minnes said demand in Cuba for the oil has dropped because the island is increasingly using diesel generators for electricity production instead of burning crude.
Sherritt doesn't currently have offshore wells; instead, its onshore equipment drills horizontally into petroleum reservoirs located under the water.
The Sherritt International plans drew fire from Cuban-American U.S. Rep. Lincoln Díaz-Balart, R-Miami.
'Sherritt is on the `short list' of companies that will have very serious civil as well as criminal legal problems in Cuba when the Cuban people recover their sovereignty and have a government that fights for their rights,'' Díaz-Balart said.
''Their oil investments will involve but a small part of their legal problems once the rule of law returns to Cuba,'' the lawmaker said in a statement e-mailed to The Miami Herald.
There was no immediate response to an e-mail and a phone call to the Cuban Interests Section in Washington.
STICKY PROBLEM
Oil expert Jorge R. Piñon said Sherritt or any other oil company would face the challenge of how to commercialize crude oil outside of Cuba without breaking the U.S. embargo, in place since the early 1960s.
''Inevitably wherever this crude oil is processed in the Caribbean region, there is a high probability that its byproducts will find their way into the U.S. markets,'' said Piñon, a former oil executive who is now a senior researcher at the Institute for Cuban and Cuban-American Affairs at the University of Miami.
Sherritt International, in a joint venture with the Cuban government, has been drilling for oil in Cuba for more than a decade, gradually increasing production to the point that domestic production provides almost half Cuba's petroleum needs. Venezuelan refined products make up the rest.
But what has tantalized the oil industry was a report that Spanish energy company Repsol-YPF struck offshore oil in 2005 -- even though it wasn't a commercially viable well. In 2005, a U.S. Geological Survey report estimated Cuba's potential petroleum reserves could run some 4.6 billion barrels and natural gas reserves could total trillions of cubic feet.
EXPLORATORY DRILLING
''This would make Cuba a major oil player in the region,'' Piñon said.
With European, Asian and South American firms gearing up for more exploratory drilling around Cuba, U.S. oil companies and equipment and service suppliers are looking longingly at the potential bonanza.
U.S. OIL FIRMS OUT
The U.S. trade embargo bans American companies from doing business in Cuba, with exceptions for food and medicine, and the Bush administration has been increasingly aggressive about enforcing it.
''U.S. policy toward Cuba is to encourage a democratic, market-oriented transition,'' said Eric Watnik, State Department spokesman. The Treasury Department's Office of Foreign Assets Control has oversight over enforcing the embargo.
Last year, Sen. Larry Craig, R-Idaho, and Rep. Jeff Flake, an Arizona Republican, both critics of the embargo, introduced legislation to broaden the exemptions to allow the oil and gas industry to bid on Cuban contracts. But that effort went nowhere.
Legislators are currently discussing what form the bill should take to be reintroduced in the new Democratic-controlled Congress.
http://www.miamiherald.com/581/v-print/story/28682.html
Ear on the Street
Ascalade Communications (ACG : TSX : $3.15)
Q4 preview
Raymond James maintains "market perform", 6-12 month target price is $2.75
AutoCanada Income Fund (ACQ.UN : TSX : $10.60)
Chrysler sales up in February
Raymond James maintains "strong buy", 6-12 month target price is $12.00
AltaGas Income Trust (ALA.UN : TSX : $26.66)
Solid Q4 results
BMO Capital Markets maintains "market perform", 12-month target price is $26.00
Amtelecom Income Fund (AMT.UN : TSX : $13.40)
Q4 in line
BMO Capital Markets maintains "market perform", 12-month target price is $13.00
Allied Properties REIT (AP.UN : TSX : $23.95)
New Street coverage
CIBC World Markets initiates coverage with a "sector outperform", 12-month target price is $26.10
Addax Petroleum (AXC : TSX : $33.40)
Excellent Taq Taq results
RBC Capital Markets maintains "outperform", 12-month target price is raised to $38.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $42.50
Bear Ridge Resources (BER : TSX : $1.25)
2006 proved reserve up 167%
BMO Capital Markets maintains "outperform", 12-month target price is cut to $2.25
BFI Canada Income Fund (BFC.UN : TSX : $25.80)
Q4 preview
Scotia Capital Markets maintains "sector outperform", 12-month target price is $30.00
Bank of Montreal (BMO : TSX : $69.75 | NYSE : US$59.28)
Q1 slightly above expectations
Blackmont Capital maintains "hold", 12-month target price is raised to $75.00
BMO Capital Markets maintains "hold", 12-month target price is $73.00
CIBC World Markets maintains "sector perform", 12-month target price is raised to $75.00
Desjardins Securities maintains "buy", 12-month target price is $77.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $80.00
Cameco Corp. (CCO : TSX : $42.56)
Cigar Lake remediation progressing as planned
RBC Capital Markets maintains "top pick", 12-month target price is $60.00
Coeur D'alene Mines (CDM : TSX : $5.00 | CDE : NYSE : US$4.23)
Challenges remain going forward
CIBC World Markets maintains a "sector perform", target price is US$7.35
RBC Capital Markets maintains a "sector perform", target price cut to US$6.75
Calfrac Well Services (CFW : TSX : $18.34)
Q4 in line
Raymond James maintains "outperform", 6-12 month target price is cut to $26.00
RBC Capital Markets maintains "sector perform", 12-month target price is $24.00
TD Newcrest maintains "hold", 12-month target price is cut to $23.00
Certicom Corp. (CIC : TSX : $5.26)
Disappointing results
BMO Nesbitt Burns maintains a "outperform", target price is $9.00
CIBC World Markets maintains a "sector perform", target price cut to $7.00
TD Newcrest maintains a "buy", 12-month target price is cut to $7.00
CIBC (CM : TSX : $100.50 | NYSE : US$85.24)
Q1 beats expectations
BMO Nesbitt Burns maintains a "outperform", target price raised to $110.00
Desjardins Securities maintains a "buy", target price raised to $110.00
Scotia Capital Markets maintains a "sector perform", 1-year target price is $115.00
TD Newcrest maintains "hold", 12-month target price is raised to $106.00
Cardiome Pharma (COM : TSX : $12.02 | CRME : NASDAQ : US$10.23)
FDA is reviewing Cardiome's application for approval of Vernakalant
Canaccord Adams Maintains "buy", 12-month target price is $21.40
GMP Securities maintains "buy", 12-month target price is $20.00
RBC Capital Markets maintains "outperform", 12-month target price is $15.00
Cognos Inc. (CSN : TSX : $46.90 | COGN : NASDAQ : US$39.78)
BI sector heating up
Raymond James maintains a "outperform", 6-12 month target price is US$49.00
RBC Capital Markets maintains a "outperform", target price not provided
DataMirror Corp. (DMC : TSX : $15.89)
Posts strong fourth quarter results
CIBC World Markets maintains a "sector perform", target price raised to $16.00
Raymond James maintains a "outperform", 6-12 month target price is $16.00
TD Newcrest maintains a "buy", 12-month target price is raised to $19.00
Equitable Group Inc. (ETC : TSX : $33.60)
Liquidation of shares by outgoing CEO
Blackmont Capital maintains a "buy", 12-month target price is $40.00
Fording Canadian Coal Trust (FDG.UN : TSX : $26.78)
Distribution short of expectations
Desjardins Securities maintains a "hold", target price is $29.10
CHC Helicopter (FLY.A : TSX : $24.03 | FLI : NYSE : US$20.31)
Announced new contracts and orders
GMP Securities maintains a "buy", target price is $31.00
First National Financial (FN.UN : TSX : $15.65)
Positive outlook
RBC Capital Markets maintains a "outperform", target price raised to $17.00
TD Newcrest upgrades to "buy", 12-month target price is raised to $17.00
Freehold Royalty Trust (FRU.UN : TSX : $14.33)
Q4 in line
CIBC World Markets downgrades to "sector perform", 12-month target price is cut to $15.50
RBC Capital Markets maintains a "outperform", target price raised to $15.00
GMP Capital Trust (GMP.UN : TSX : $21.49)
Solid Q4 results
BMO Capital Markets maintains "market perform", 12-month target price is raised to $23.00
CIBC World Markets maintains "sector perform", 12-month target price is $24.00
Genuity maintains "buy", 12-month target price is raised to $24.50
Westwind Partners downgrades to "sell", 12-month target price is $19.00
Husky Injection Molding Sys. (HKY : TSX : $6.38)
Q2 preview
BMO Capital Markets maintains "market perform", 12-month target price is $5.50
Hostopia.com (H : TSX : $5.90)
Taking advantage of the growing outsourced web services market
GMP Securities initiates coverage with a "buy", target price is $7.25
Legacy Hotels Real Estate Tr. (LGY.UN : TSX : $13.85)
Considering strategic alternatives
BMO Capital Markets maintains "outperform", 12-month target price is raised to $16.00
Raymond James downgrades to "outperform", 6-12 month target price is raised to $15.50
TD Newcrest downgrades to "hold", 12-month target price is raised to $13.50
LionOre Mining International (LIM : TSX : $15.80)
Q4 below estimates
BMO Capital Markets maintains "outperform", 12-month target price is $20.00
Loblaw Companies (L : TSX : $45.99)
Ontario business needs to be fixed
Desjardins Securities maintains "hold", 12-month target price is $50.00
MacDonald Dettwiler & Assoc. (MDA : TSX : $48.00)
Strong Q4
RBC Capital Markets maintains "top pick", 12-month target price is $60.00
Major Drilling Group Intl. (MDI : TSX : $27.12)
Pending Board Longyear IPO was filed
TD Newcrest maintains "buy", 12-month target price is $32.00
March Networks (MN : TSX : $11.26)
Q3 beats expectations
BMO Capital Markets maintains "market perform", 12-month target price is $12.00
Canaccord Adams maintains "sell", 12-month target price is $10.00
CIBC World Markets maintains a "sector perform", target price cut to $13.00
RBC Capital Markets maintains "outperform", 12-month target price is $15.00
Martinrea International (MRE : TSX : $12.75)
Downgrade based on price appreciation
BMO Capital Markets downgrades to "underperform", 12-month target price is $10.50
Metro Inc. (MRU.A : TSX : $39.35)
Potential impact of sale of A&P stake in Metro
RBC Capital Markets maintains "sector perform", 12-month target price is $40.00
MOSAID Technologies (MSD : TSX : $24.00)
Intel lawsuit creates overhang
GMP Securities maintains "buy", 12-month target price is $34.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $36.00
National Bank of Canada (NA : TSX : $64.96)
Q1 earnings up 13%
Blackmont Capital maintains "hold", 12-month target price is raised to $67.50
BMO Capital Markets maintains "outperform", 12-month target price is raised to $71.00
Desjardins Securities maintains "hold", 12-month target price is $69.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $77.00
TD Newcrest maintains "buy", 12-month target price is raised to $73.00
Nortel Networks Corp. (NT : TSX : $33.35 | NYSE : US$28.29)
Better than expected Q4 sales
GMP Securities maintains "buy", 12-month target price is $35.00
RBC Capital Markets maintains "sector perform", 12-month target price is US$32.00
NuVista Energy Ltd (NVA : TSX : $12.76)
Q4 CFPS less than expected
Blackmont Capital maintains "buy", 12-month target price is $16.00
GMP Securities maintains "buy", 12-month target price is $17.00
RBC Capital Markets maintains "sector perform", 12-month target price is $15.00
Novelis (NVL : TSX : $51.51 | NYSE : US$43.83)
Adjusted Q4 below estimates
BMO Capital Markets maintains "market perform", 12-month target price is $44.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $52.86
Pacific & Western Credit (PWC : TSX : $11.51)
Results shy of estimates
Blackmont Capital maintains a "hold", 12-month target price is cut to $12.00
Trinidad Energy Services (TDG.UN : TSX : $14.05)
Year-end results slightly better than expected
Blackmont Capital maintains "buy", 12-month target price is $15.25
Talisman Energy (TLM : TSX : $18.81)
Year-end results in line
Blackmont Capital maintains "hold", 12-month target price is $20.00
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |