The Trading Floor

[Arctec]

Ear on the Street

Astral Media (ACM.A : TSX : $38.69)
Downgrade based on share price appreciation
Desjardins Securities maintains "hold", 12-month target price is $43.00

ATCO Ltd. (ACO.X : TSX : $41.45)
Q3 EPS beats expectations
Scotia Capital Markets maintains "sector underperform", 12-month target price is $42.00

Agnico-Eagle Mines (AEM : TSX : $42.19)
Higher zinc and copper price
Blackmont Capital maintains "hold", 12-month target price is raised to $42.00

Arctic Glacier Income Fund (AG.UN : TSX : $11.83)
New Street coverage
Scotia Capital Markets maintains "sector perform", 12-month target price is $14.25

Algoma Steel (AGA : TSX : $33.21)
Positioned to report strong Q3
Scotia Capital Markets maintains "sector outperform", 12-month target price is $51.00

Altus Group Income Fund (AIF.UN : TSX : $11.00)
Misplaced fear on the surveying business
Canaccord Adams maintains "buy", 12-month target price is $16.75

Alcan Inc. (AL : TSX : $51.50 | NYSE : US$45.38)
Q3 in line
Blackmont Capital maintains "buy", 12-month target price is US$55.00
Desjardins Securities maintains "top pick", 12-month target price is US$71.80
RBC Capital Markets maintains "outperform", 12-month target price is US$66.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $60.00

BCE Inc. (BCE : TSX : $28.32)
Government to close trust window
Haywood Securities downgrades to "sector underperform", 12-month target price is cut to $28.00

Birchcliff Energy (BIR : TSX : $4.35)
$26 million in equity financing
Canaccord Adams maintains "buy", 12-month target price is $6.00

Biomira Inc. (BRA : TSX : $1.43)
Acquires early-stage biotech company
GMP Securities maintains "reduce", 12-month target price is $1.20

Buhler Industries (BUI : TSX : $5.50)
CEO to sell up to 2.25 million shares
Blackmont Capital maintains "sell", 12-month target price is $5.15

Mahalo Energy (CBM : TSX : $2.51)
Highlighted by M&A activity
GMP Securities maintains "buy", 12-month target price is $7.00

Canfor Corporation (CFP : TSX : $11.27)
To distribute 30% of pulp partnership
RBC Capital Markets maintains "sector perform", 12-month target price is $9.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $11.90

Cinram International (CRW.UN : TSX : $21.72)
Government plans to tax income trust more like corporations
Credit Suisse maintains "outperform", 12-month target price is $35.00

Canadian Tire Corporation (CTC.A : TSX : $71.35)
Sale of Sheppard distribution facility
Scotia Capital Markets maintains "sector perform", 12-month target price is $73.50

Centurion Energy International (CUX : TSX : $8.85)
A possible sale of the company
GMP Securities maintains "buy", 12-month target price is $11.00

Labopharm Inc. (DDS : TSX : $5.74)
Q3 preview
Canaccord Capital maintains "buy", 12-month target price is $12.00

Domtar Inc. (DTC : TSX : $7.50 | NYSE : US$6.60)
Q3 beats expectations
Desjardins Securities maintains "hold", 12-month target price is raised to $8.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is US$7.25
TD Newcrest maintains "hold", 12-month target price is raised to $8.00

Dynatec Corp. (DY : TSX : $1.79)
Two additional partners for Ambatovy
Scotia Capital Markets maintains "sector perform", 12-month target price is $1.90

Enbridge Income Fund (ENF.UN : TSX : $12.55)
Q3 in line
Scotia Capital Markets maintains "sector perform", 12-month target price is $14.00

EPCOR Power L.P. (EP.UN : TSX : $27.26)
Q3 DCPU exceeds expectations
Scotia Capital Markets maintains "sector outperform", 12-month target price is $33.50

Fairborne Energy Trust (FEL.UN : TSX : $10.70)
Completes $100 million debt financing
CIBC World Markets maintains "sector perform", 12-month target price is $13.50

Fraser Papers (FPS : TSX : $6.90)
Improved Q3
Scotia Capital Markets maintains "sector underperform", 12-month target price is $6.50

FirstService Corp. (FSV : TSX : $26.80 | FSRV : NASDAQ : US$23.60)
Q2 in line
RBC Capital Markets maintains "outperform", 12-month target price is US$28.00
TD Newcrest maintains "buy", 12-month target price is cut to $33.00

Fortis Inc. (FTS : TSX : $25.89)
Strong Q3
Canaccord Adams maintains "buy", 12-month target price is $28.00
CIBC World Markets maintains "sector perform", 12-month target price is raised to $26.00
RBC Capital Markets maintains "outperform", 12-month target price is $31.00
TD Newcrest maintains "hold", 12-month target price is raised to $25.00

Far West Mining (FWM : TSX : $3.85)
Good drilling results from Santo Domingo
Blackmont Capital maintains "hold", 12-month target price is cut to $4.75

Gaz Metro LP (GZM.UN : TSX : $16.74)
Green Mountain Power approves merger with GZM
Scotia Capital Markets maintains "sector perform", 12-month target price is $18.25

Home Equity Income Trust (HEQ.UN : TSX : $12.11)
Q3 ahead of forecasts
RBC Capital Markets maintains "outperform", 12-month target price is $13.70

Harris Steel Group (HSG : TSX : $28.00)
Rising earnings estimates
Blackmont Capital maintains "hold", 12-month target price is $29.75

Hardwoods Distribution (HWD.UN : TSX : $4.86)
Q3 slightly below expectations
Scotia Capital Markets maintains "sector perform", 12-month target price is $6.00

Intrepid Mines (IAU : TSX : $0.84)
Equipment problems impact costs
Blackmont Capital maintains "buy", 12-month target price is $1.40

Imperial Oil (IMO : TSX : $37.86)
Profitable Quarter
Canaccord Capital maintains "buy", 12-month target price is $45.00
CIBC World Markets maintains "sector perform", 12-month target price is $39.00
Desjardins Securities maintains "hold", 12-month target price is $35.00
Scotia Capital Markets maintains "sector underperformer", 12-month target price is $45.75
TD Newcrest maintains "buy", 12-month target price is $48.00

Kimber Resources (KBR : TSX : $2.32)
Resolution to proxy battle
Blackmont Capital maintains "buy", 12-month target price is $5.25

Manitoba Telecom Services (MBT : TSX : $45.00)
Income trust value revision
Haywood Security maintains "sector perform", 12-month target price is reduced to $47.00
RBC Capital Markets maintains "outperform", 12-month target price is $54.00

MacDonald Dettwiler & Assoc. (MDA : TSX : $41.61)
Strong Q3 results
Canaccord Capital maintains "buy", 12-month target price is $60.00
Credit Suisse First Boston maintains "outperform", 12-month target price is $60.00
GMP Securities maintains "hold", 12-month target price is $46.50
RBC Capital Markets maintains "top pick", 12-month target price is $55.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $42.00

MI Developments Inc. (MIM.A : TSX : $41.16 | MIM : NYSE : US$36.29)
Application dismissed
Scotia Capital Markets maintains "sector underperformer", 12-month target price is $39.00

Marsulex Inc. (MLX : TSX : $8.25)
Income trust value revision
Blackmont Capital maintains "buy", 12-month target price is decreased to $9.75

Metallica Resources (MR : TSX : $3.70)
Blasting permitted
Blackmont Capital maintains "buy", 12-month target price is $4.25
Canaccord Capital maintains "buy", 12-month target price is increased to $5.65

Morguard Real Estate Inv Trust (MRT.UN : TSX : $11.35)
Q3 inline
RBC Capital Markets maintains "outperform", 12-month target price is increased to $12.50

Pan American Silver (PAA : TSX : $25.31)
Metal price review
Blackmont Capital maintains "buy", 12-month target price is increased to $41.00

Parkland Income Fund (PKI.UN : TSX : $32.23)
Strong marketing margins
RBC Capital Markets maintains "outperform", 12-month target price is "under review"

Potash Corp. of Saskatchewan (POT : TSX : $144.99 | NYSE : US$127.79)
Mine flood positive
Scotia Capital Markets maintains "sector ouperformer", 12-month target price is increased to $164.00

Resolve Business Outsourcing (RBO.UN : TSX : $7.57)
Exceeding expectations
RBC Capital Markets maintains "sector perform", 12-month target price is $9.50

Rogers Communications (RCI.B : TSX : $67.37)
Strong performance
Canaccord Capital maintains "sell", 12-month target price is increased to $55.00
Desjardins Securities maintains "top pick", 12-month target price is increased to $80.00
GMP Securities maintains "buy", 12-month target price is increased to $73.00
Haywood Security maintains "outperform", 12-month target price is increased to $80.00
RBC Capital Markets maintains "top pick", 12-month target price is increased to $81.00
TD Newcrest maintains "buy", 12-month target price is increased to $82.00

Research In Motion (RIM : TSX : $131.48 | RIMM : NASDAQ : US$115.96)
Higher forecasts
Scotia Capital Markets maintains "sector ouperformer", 12-month target price is increased to $161.00

Russel Metals (RUS : TSX : $28.05)
Continued margin expansion
CIBC World Markets maintains "sector ouperformer", 12-month target price is decreased to $31.00
Scotia Capital Markets maintains "sector perform", 12-month target price is increased to $30.50

SNC-Lavalin Group (SNC : TSX : $29.74)
Sale of its defence / munitions business expected to close shortly
RBC Capital Markets maintains "outperform", 12-month target price is $38.00

Sherritt International (S : TSX : $11.27)
Operating earnings from metal division increased by 79% qoq and 150% yoy
Desjardins Securities maintains "buy", 12-month target price is raised to $13.15
GMP Securities maintains "buy", 12-month target price is raised to $15.35
RBC Capital Markets maintains "sector perform", 12-month target price is $11.00

sxr Uranium One (SXR : TSX : $12.11)
Uranium one advances towards production in Q1/07
Canaccord Adams maintains "speculative buy", 12-month target price is raised to $13.50

Teck Cominco Ltd. (TCK.B : TSX : $80.00 | TCK : NYSE : US$70.54)
Q3 down owing to lower zinc sales
Canaccord Adams reiterates "buy", Target price is $90.00
CIBC World Markets maintains "sector outperform", 12-month target price is $95.00
GMP Securities maintains "buy", 12-month target price is $100.00
Haywood Securities maintains "sector outperform", 12-month target price is $100.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $80.00
TD Newcrest maintains "buy",12-month target price is $95.00

Talisman Energy (TLM : TSX : $18.02 | NYSE : US$15.97)
Talisman plans to operate two rigs in Alaska this coming winter drilling season
Scotia Capital Markets maintains "sector outperform", 12-month target price is $26.75

TSO3 Inc. (TOS : TSX : $2.57)
Remains a favourite
Canaccord Capital maintains "buy", 12-month target price is $5.50

TransCanada Corp. (TRP : TSX : $36.40 | NYSE : US$32.10)
Q3 Powers past expectations
Canaccord Adams maintains "buy", 12-month target price is $40.00
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $41.00
RBC Capital Markets maintains "outperform", 12-month target price is $44.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $41.00
TD Newcrest maintains "buy", 12-month target price is raised to $41.00

TELUS (T : TSX : $56.92)
Government puts a stop to trusts
Haywood Securities downgrades to "underperform", 12-month target price is cut to $62.00
RBC Capital Markets maintains "outperform", 12-month target price is cut to $64.00

UE Waterheater Income Fund (UWH.UN : TSX : $13.05)
Announces better than expected distribution increase
CIBC World Markets maintains "sector outperform", 12-month target price is $15.75
TD Newcrest maintains "buy", 12-month target price is $16.50

Workbrain Corp (WB : TSX : $8.65)
Workbrain sued by Utah based park city group for patent infringement
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00

Wescast Industries (WCS.A : TSX : $12.08)
Weak results due to weak margins
Scotia Capital Markets maintains "sector underperform", 12-month target price is $15.75
TD Newcrest maintains "reduce", 12-month target price is cut to $10.00

Yellow Pages Income Fund (YLO.UN : TSX : $12.25)
Government introduces taxation on trusts
RBC Capital Markets places recommendation and target "under review"

Yukon Zinc (YZC : TSX-V : $0.29)
Expects to complete an optimization study for the wolverine project later this month
Blackmont Capital upgrades to "buy", 12-month target price is raised to $0.70