The Trading Floor

[Arctec]

Ear on the Street

Ag Growth Income Fund (AFN.UN : TSX : $16.75)
Downgrade based on price appreciation
Canaccord Adams downgrades to "hold", 12-month target price is $16.50

AGF Management (AGF.B : TSX : $27.76)
Q4 in line
CIBC World Markets maintains "sector perform", 12-month target price is raised to $30.00
Credit Suisse maintains "outperform", 12-month target price is raised to $31.00
GMP Securities maintains "buy", 12-month target price is raised to $35.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $35.00
TD Newcrest maintains "hold", 12-month target price is raised to $29.00

Alcan Inc. (AL : TSX : $61.37 | NYSE : US$52.17)
Light Q4 EPS
Credit Suisse maintains "neutral", 12-month target price is US$54.00
Desjardins Securities maintains "top pick", 12-month target price is US$75.00
RBC Capital Markets maintains "outperform", 12-month target price is US$63.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $60.00
TD Newcrest maintains "action list buy", 12-month target price is US$62.00

Angiotech Pharmaceuticals (ANP : TSX : $10.46 | ANPI : NASDAQ : US$8.88)
Q4 reported yesterday
RBC Capital Markets maintains "outperform", 12-month target price is US$13.00

Aurelian Resources (ARU : TSX-V : $26.60)
Drill results from six holes
Blackmont Capital maintains "buy", 12-month target price is $48.35
Canaccord Adams maintains "buy", 12-month target price is $50.50

Bell Aliant (BA.UN : TSX : $29.67)
Q4 preview
CIBC World Markets maintains "sector underperform", 12-month target price is $29.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $25.00

Bombardier Inc. (BBD.B : TSX : $4.44)
A further delay on Cseries
Desjardins Securities maintains "buy", 12-month target price is $4.80
TD Newcrest maintains "reduce", 12-month target price is raised to $4.00

Bear Creek Mining (BCM : TSX-V : $8.74)
Drilling at Corani returns positive silver results
Haywood Securities maintains "sector outperform", 12-month target price is $12.70

Bank of Montreal (BMO : TSX : $70.56)
$135 million restructuring charges
Blackmont Capital maintains "hold", 12-month target price is $72.00
CIBC World Markets maintains "sector perform", 12-month target price is $73.00
TD Newcrest maintains "hold", 12-month target price is raised to $73.00

Breakwater Resources (BWR : TSX : $1.75)
New Street coverage
Canaccord Adams initiates coverage with a "buy", 12-month target price is $2.75

Committee Bay Resources (CBR : TSX-V : $0.62)
More results from Redemption JV
Canaccord Adams maintains "buy", 12-month target price is $1.30

Constellation Copper (CCU : TSX : $1.58)
Continued slow ramp-up at Lisbon Valley
GMP Securities maintains "buy", 12-month target price is cut to $2.40

Canfor Pulp Income Fund (CFX.UN : TSX : $14.01)
Q4 preview
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $16.00

Celestica Inc. (CLS : TSX : $7.19 | NYSE : US$6.11)
Q4 in line but Q1 guidance very disappointing
Blackmont Capital maintains "buy", 12-month target price is cut to $12.00
CIBC World Markets maintains "sector perform", 12-month target price is cut to US$7.00
GMP Securities maintains "buy", 12-month target price is cut to $8.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $7.50
TD Newcrest maintains "hold", 12-month target price is cut to US$7.00

Consumers Waterheater Fund (CWI.UN : TSX : $14.02)
Bought water heater rental business
CIBC World Markets maintains "sector performer", 12-month target price is raised to $13.75

Dalsa Corp. (DSA : TSX : $12.14)
Soft Q4 results and Q1 outlooks
Blackmont Capital maintains "buy", 12-month target price is cut to $17.00
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $13.50
GMP Securities downgrades to "hold", 12-month target price is cut to $14.00
Raymond James maintains "market perform", 6-12 month target price is cut to $12.00
RBC Capital Markets maintains "sector perform", 12-month target price is cut to $14.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $15.00

Eastern Platinum (ELR : TSX : $1.57)
Attractive results from Spitzkop
Raymond James maintains "strong buy", 6-12 month target price is $2.75

Enbridge (ENB : TSX : $38.43)
No surprise in Q4
Canaccord Adams maintains "hold", 12-month target price is $42.00

Enbridge Income Fund (ENF.UN : TSX : $11.25)
Q4 distributable cash per unit in line
Canaccord Adams maintains "sell", 12-month target price is $10.00
TD Newcrest maintains "hold", 12-month target price is $11.00

Flagship Energy (FG.A : TSX-V : $1.15)
Disposition process is officially underway
GMP Securities maintains "buy", 12-month target price is $1.50

Fraser Papers (FPS : TSX : $6.00)
Reached agreement with Brookfield on Katahdin
TD Newcrest upgrades to "hold", 12-month target price is $6.00

Four Seasons Hotels (FSH : TSX : $97.90 | FS : NYSE : US$83.12)
Low probability of a higher bid
RBC Capital Markets maintains "sector perform", 12-month target price is US$82.00

Finning International (FTT : TSX : $49.13)
Announces UK equipment contract
RBC Capital Markets maintains "outperform", 12-month target price is $53.00

Gabriel Resources (GBU : TSX : $5.46)
Romanian question period
Raymond James downgrades to "market perform", 6-12 month target price is $5.60
TD Newcrest maintains "hold", 12-month target price is $6.00

Gildan Activewear (GIL : TSX : $60.20 | NYSE : US$51.06)
No surprises in Q1 results
Desjardins Securities maintains "buy", 12-month target price is $70.00
Raymond James maintains "strong buy", 6-12 month target price is US$60.00
RBC Capital Markets rates "outperform", no target price reported
Scotia Capital Markets maintain "sector outperform", 12-month target price is $70.00

Grey Wolf Exploration (GWE : TSX : $3.08)
Operational update released
GMP Securities maintains "hold", 12-month target price is $3.25

Husky Energy (HSE : TSX : $75.89)
Q4 results to be released Feb 5
Scotia Capital Markets maintain "sector outperform", 12-month target price is $85.50

Intrepid Mines (IAU : TSX : $0.58)
Upper ore zone undefined
Blackmont Capital maintains "buy", 12-month target price is reduced to $1.40

Indigo Books & Music (IDG : TSX : $15.25)
Waiting for Harry Potter
RBC Capital Markets rates "outperform", no target price reported

IPC US REIT (IUR.U : TSX : $12.46)
Takeover target
CIBC World Markets maintains "sector outperformer", 12-month target price is raised to US$13.70
Scotia Capital Markets rates "sector perform", 12-month target price is US$13.00

JDS Uniphase (JDU : TSX : $19.65)
Q2/F07 revenue and EPS above forecast
GMP Securities maintains "buy", 12-month target price is lowered to $21.00

Kinross Gold (K : TSX : $15.47 | KGC : NYSE : US$13.12)
Votes to buy Bema
TD Newcrest reduces to "hold", 12-month target price is cut to US$15.00

Loblaw Companies (L : TSX : $51.40)
Forecasting Q4 results
Scotia Capital Markets reiterates "sector underperform", 12-month target price is $46.00

Nova Chemicals Corp (NCX : TSX : $35.98 | NYSE : US$30.54)
Styrenix restructuring update
Canaccord Capital maintains "buy", 12-month target price is US$40.00
RBC Capital Markets rates "outperform", 12-month target price is reduced to US$35.00
Scotia Capital Markets rates "sector underperformer", 12-month target price is $38.00

Novadaq Technologies (NDQ : TSX : $7.94)
Independent study results announced
Blackmont Capital reiterates "buy", 12-month target price is $15.00

Northgate Minerals Corp. (NGX : TSX : $4.34 | NXG : AMEX : US$3.69)
Results in-line with expectations
TD Newcrest decreases to "hold", 12-month target price is US$4.00

North American Tungsten (NTC : TSX-V : $0.62)
Tungsten prices remain strong
Haywood Securities maintains "sector outperform", 12-month target price is $1.85

Nortel Networks Corp. (NT : TSX : $31.52 | NYSE : US$26.75)
Results next week
Scotia Capital Markets rates "sector perform", 12-month target price is $39.20

Polaris Minerals (PLS : TSX : $7.55)
Sixty-six percent gain since 2006 IPO
Canaccord Capital downgrades to "hold", 12-month target price is $7.00

Rogers Sugar Income Fund (RSI.UN : TSX : $4.07)
Higher than expected gross margins
Scotia Capital Markets maintain "sector perform", 12-month target price is $4.15
TD Newcrest upgrade to "buy", 12-month target price is $4.50

RSX Energy (RSX : TSX-V : $3.35)
Pipeline commissioned this Friday
Haywood Securities maintains "sector outperform", 12-month target price is $5.75

Strathmore Minerals (STM : TSX-V : $4.24)
To spin off its Canadian assets
Raymond James maintains "outperform", 6-12 month target price is $5.00

Sierra Wireless (SW : TSX : $17.59 | SWIR : NASDAQ : US$14.91)
Margin Concerns remain
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
RBC Capital Markets rates "sector perform", 12-month target price is US$16.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $26.00

Sylogist Ltd. (SYZ : TSX-V : $0.88)
Year-end results
Canaccord Capital rates "speculative buy", 12-month target price is $1.30

Tim Hortons (THI : TSX : $36.48 | NYSE : US$30.98)
Strong sales growth in Canada
Scotia Capital Markets rates "sector outperform", 12-month target price is $39.50

Vasogen Inc. (D) (VAS : TSX : $0.43)
$66.4 million loss in 2006
RBC Capital Markets maintains "underperform", 12-month target price is $0.15

TSX Group (X : TSX : $53.17)
Q4 results in-line
CIBC World Markets maintains "sector outperform", 12-month target price is $60.00
Scotia Capital Markets maintain "sector perform", 12-month target price is $55.00
TD Newcrest maintain "hold", 12-month target price is $52.00

Exco Technologies (XTC : TSX : $3.70)
Forecast cut significantly
Scotia Capital Markets rates "sector underperform" 12-month target price is cut to $3.50

Yamana Gold Inc. (YRI : TSX : $16.21 | AUY : NYSE : US$13.76)
New Street coverage
CIBC World Markets initiates coverage with a "sector outperform", 12-month target price is US$20.00