The Trading Floor

[Arctec]

Ear on the Street

Alliance Atlantis Commun. (AAC.B : TSX : $38.91)
The potential value in a takeout scenario
TD Newcrest maintains "action list buy", 12-month target price is raised to $46.00

Aeroplan Income Fund (AER.UN : TSX : $16.19)
Introduction of election of Aeroplan miles option for Tango fliers
Blackmont Capital downgrades to "sell", 12-month target price is $15.00

Angiotech Pharmaceuticals (ANP : TSX : $10.66 | ANPI : NASDAQ : US$9.46)
To report Q3 on November 1
Raymond James maintains "strong buy", 6-12 month target price is US$19.00

Aur Resources (AUR : TSX : $22.04)
Strong Q3
BMO Capital Markets downgrades to "market perform", 12-month target price is $24.00
Canaccord Adams maintains "buy", 12-month target price is $28.00
CIBC World Markets maintains "sector outperform", 12-month target price is $26.00
Credit Suisse maintains "neutral", 12-month target price is $21.00
Desjardins Securities maintains "hold", 12-month target price is raised to $25.30
GMP Securities maintains "buy", 12-month target price is raised to $24.35
Raymond James maintains "market perform", 6-12 month target price is $25.00
RBC Capital Markets maintains "underperform", 12-month target price is raised to $24.00
TD Newcrest downgrades to "hold", 12-month target price is $25.00

Bombardier Inc. (BBD.B : TSX : $3.72)
To issue €1.8 billion Euro bond
Canaccord Adams maintains "sell", 12-month target price is "under review"

Bank of Nova Scotia (BNS : TSX : $48.80)
Mexican unit reports earning up 30%
CIBC World Markets maintains "sector perform", 12-month target price is $54.00

Biovail (BVF : TSX : $17.45 | NYSE : US$15.52)
To report Q3 on November 9
BMO Capital Markets maintains "outperform", 12-month target price is US$19.50

Canada Bread Co. (CBY : TSX : $53.00)
Q3 misses
RBC Capital Markets maintains "underperform", 12-month target price is $53.00

Custom Direct Income Fund (CDI.UN : TSX : $7.80)
Q3 slightly misses
TD Newcrest maintains "buy", 12-month target price is cut to $11.50

Calpine Power Income Fund (CF.UN : TSX : $10.87)
Long-term toll agreement for the CEC
Desjardins Securities maintains "hold", 12-month target price is raised to $11.25

Canfor Corporation (CFP : TSX : $11.83)
Weak Q3 as expected
Desjardins Securities maintains "buy", 12-month target price is cut to $12.50
Raymond James maintains "market perform", 6-12 month target price is $12.50
RBC Capital Markets maintains "sector perform", 12-month target price is $9.50
TD Newcrest maintains "hold", 12-month target price is $11.50

CanWest Global Communications (CGS : TSX : $10.85)
To report Q4 on November 2
CIBC World Markets maintains "sector perform", 12-month target price is $11.50

Cineplex Galaxy Inc Fund (CGX.UN : TSX : $13.90)
To report Q3 on November 2
Raymond James maintains "outperform", 6-12 month target price is $16.00

Cangene Corp. (CNJ : TSX : $8.30)
Chair of board is retiring
RBC Capital Markets maintains "sector perform", 12-month target price is $11.00

Crescent Point Energy Trust (CPG.UN : TSX : $20.02)
Proposed reorganization
CIBC World Markets maintains "outperform", 12-month target price is $24.00

Consumers Waterheater Fund (CWI.UN : TSX : $16.00)
Q3 in line
BMO Capital Markets maintains "market perform", 12-month target price is raised to $15.50
CIBC World Markets maintains "sector perform", 12-month target price is raised to $16.00
TD Newcrest maintains "hold", 12-month target price is $16.00

Calloway REIT (CWT.UN : TSX : $28.80)
To acquire 16 shopping centres and development properties
Desjardins Securities maintains "buy", 12-month target price is $30.50

Duvernay Oil Corp (DDV : TSX : $33.72)
A strong niche player
Canaccord Adams maintains "buy", 12-month target price is $50.00

Dorel Industries (DII.B : TSX : $29.10 | DIIB : NASDAQ : US$25.95)
To report Q3 on November 3
RBC Capital Markets maintains "sector perform", 12-month target price is $30.00

Descartes Systems Group (DSG : TSX : $4.13 | DSGX : NASDAQ : US$3.66)
e-Manifest filing to be required for trucks crossing into the U.S.
GMP Securities maintains "buy", 12-month target price is $6.00

Energy Metals (EMC : TSX : $8.35)
Positive exploration results from Uranium Project in Texas
Raymond James maintains "strong buy", 6-12 month target price is $9.00

Emergis (EME : TSX : $5.52)
e-health expected to drive growth
CIBC World Markets maintains "sector outperform", 12-month target price is $6.25

Fraser Papers (FPS : TSX : $6.76)
Momentum slowing for most paper grades
RBC Capital Markets maintains "underperform", 12-month target price is $5.25

Gammon Lake Resources (GAM : TSX : $14.65 | GRS : AMEX : US$13.05)
Construction at Ocampo nearing completion
BMO Capital Markets maintains "outperform", 12-month target price is $25.00

Gateway Casinos Income Fund (GCI.UN : TSX : $18.22)
Odds remain in favour of limited near-term growth
RBC Capital Markets maintains "sector perform", 12-month target price is $18.50

Groupe Laperriere & Verreault (GLV.A : TSX : $26.00)
To report Q2 on November 2
BMO Capital Markets maintains "outperform", 12-month target price is $32.00

Great-West Lifeco (GWO : TSX : $31.55)
Reports Q3/06 on Wednesday, November 1
TD Newcrest maintains "hold", 12-month target price is $31.00

Home Equity Income Trust (HEQ.UN : TSX : $13.80)
Well positioned to capitalize on the pending retirement of baby boomers
RBC Capital Markets maintains "outperform", 12-month target price is cut to $15.00

Industrial Alliance Ins & Fin (IAG : TSX : $32.90)
Higher individual insurance new business could put pressure on earnings growth
TD Newcrest maintains "hold", 12-month target price is $35.00

International Forest Products (IFP.A : TSX : $6.30)
Earnings declined sequentially due to weaker U.S. housing activity
CIBC World Markets maintains "sector outperform", 12-month target price is $8.50
TD Newcrest maintains "buy", 12-month target price is $7.50

ING Canada (IIC : TSX : $57.60)
Increasing excess capital puts focus on M&A or a special dividend
TD Newcrest maintains "buy", 12-month target price is $63.00

Inmet Mining (IMN : TSX : $53.60)
Commencement of Production at Las Cruces still on target for early 2008
Blackmont maintains "hold", 12-month target price is $54.00
Desjardins Securities maintains "hold", 12-month target price is $56.40
Raymond James reiterates "outperform", 6-12 month target price is $70.00
RBC Capital Markets maintains "top pick", 12-month target price is $65.00

IPSCO Inc. (IPS : TSX : $103.83 | NYSE : US$92.38)
The NS acquisition will add value
BMO Capital Markets maintains "market perform", 12-month target price is raised to $123.00

Cossette Communication Group (KOS : TSX : $7.91)
Francois Duffar to step aside from day-to-day operations
Desjardins Securities reiterates "hold", 12-month target price is $10.00

MacDonald Dettwiler & Assoc. (MDA : TSX : $41.89)
Base business sound, HIP to provide upside
CIBC World Markets maintains "sector outperform", 12-month target price is $55.00
Dundee Securities maintains "market underperform", 12-month target price is $36.60

Manulife Financial (MFC : TSX : $36.22 | NYSE : US$32.24)
To report Q3/06 results on Thursday, November 2
TD Newcrest maintains "buy", 12-month target price is $42.00

Marsulex Inc. (MLX : TSX : $8.65)
Earnings growth is being driven by Stablex and Petcoke services acquisitions.
Blackmont Capital maintains "buy", 12-month target price is $10.00

Masters Energy (MSY : TSX : $4.05)
Q3/06 results as expected
Dundee Securities maintains "market outperform", 12-month target price is $5.00

Norbord Inc. (NBD : TSX : $8.12)
Q3/06 EPS of $0.05
Desjardins Securities maintains "buy", 12-month target price is $8.75
Raymond James maintains "outperform", 6-12 month target price is $9.00
RBC Capital Markets maintains "sector perform", 12-month target price is $8.75
TD Newcrest reiterates "buy", 12-month target price is $10.50

Northbridge Financial (NB : TSX : $31.21)
Q3/06 results on November 2; clean quarter ahead?
TD Newcrest maintains "hold", 12-month target price is raised to $34.00

Northern Orion Resources (NNO : TSX : $4.98 | NTO : AMEX : US$4.43)
Aqua Rica feasibility updated
Canaccord Adams maintains "hold", 12-month target price is cut to $5.00

Opta Minerals Inc (OPM : TSX : $3.40)
Q3 report immanent
Blackmont Capital maintains "buy", 12-month target price is $4.75

Paladin Resources (PDN : TSX : $5.12)
Initiating coverage
GMP Securities initiates "buy", 12-month target price is $7.00

Peak Energy Services Trust (PES.UN : TSX : $8.79)
Initiating coverage
TD Newcrest initiates "hold", 12-month target price is $8.50

Parkland Income Fund (PKI.UN : TSX : $34.12)
Solid quarter expected
Raymond James maintains "outperform", 6-12 month target price is increased to $33.50

Research In Motion (RIM : TSX : $131.99 | RIMM : NASDAQ : US$117.31)
Anticipated demand for Pearl
BMO Capital Markets maintains "outperform", 12-month target price is US$130.00

Rothmans Inc. (ROC : TSX : $20.57)
Earnings decline
Blackmont Capital maintains "hold", 12-month target price is $21.00
BMO Capital Markets maintains "market perform", 12-month target price is $22.50

Strongco Income Fund (SQP.UN : TSX : $15.08)
Q3 disappoints
BMO Capital Markets maintains "market perform", 12-month target price is cut to $16.00
Canaccord Adams upgrades to "buy", 12-month target price is cut to $19.00
Desjardins Securities maintains "buy", 12-month target price is cut to $22.00

Stantec Inc. (STN : TSX : $22.67)
Q3 preview on regional housing starts
Dundee Securities maintains "outperform", 12-month target price is $26.70

Sierra Wireless (SW : TSX : $13.47 | SWIR : NASDAQ : US$11.99)
Strengthen position across the board
Dundee Securities maintains "outperform", 12-month target price is $21.00

Teranet Income Fund (TF.UN : TSX : $10.50)
Initiating coverage
Desjardins Securities initiates "buy", 12-month target price is $12.50

Total Energy Services (TOT.UN : TSX : $13.12)
Initiating coverage
TD Newcrest initiates "buy", 12-month target price is $17.00

TimberWest Forest Corp. (TWF.UN : TSX : $13.54)
Q3 weaker than expected
CIBC World Markets maintains "sector perform", 12-month target price is decreased to $14.00
RBC Capital Markets maintains "sector perform", 12-month target price is $14.00
TD Newcrest maintains "hold", 12-month target price is decreased to $14.00

Wellco Energy Services (WLL.UN : TSX : $8.95)
Initiating coverage
TD Newcrest initiates "hold", 12-month target price is $9.20

Yellow Pages Income Fund (YLO.UN : TSX : $14.94)
Low Q3 preview
Blackmont Capital maintains "buy", 12-month target price is $19.00
Dundee Securities maintains "outperform", 12-month target price is $18.50
RBC Capital Markets upgrades to "outperform", 12-month target price is $17.00

Sleep Country Canada (Z.UN : TSX : $26.00)
Q3 stronger than expected
BMO Capital Markets maintains "market perform", 12-month target price is $26.00
Canaccord Capital maintains "buy", 12-month target price is $30.00
TD Newcrest "buy", 12-month target price is $31.00