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Arctec

12/15/06 8:39 PM

#11490 RE: Arctec #11489

Ear on the Street

Altius Minerals Corp (ALS : TSX-V : $10.65)
Feasibility study complete
Haywood Security maintains "sector outperform", 12-month target price is $15.00

Anatolia Minerals Dev Ltd (ANO : TSX : $4.38)
Top gold stock for 2007
RBC Capital Markets maintains "top pick", 12-month target price is $6.25

Eldorado Gold (ELD : TSX : $6.22 | EGO : AMEX : US$5.41)
Recent share strength prompts rating downgrade
RBC Capital Markets downgrades to "sector perform", 12-month target price is US$6.60

Enbridge (ENB : TSX : $40.15)
Poor valuation outlook
Credit Suisse First Boston downgrades to "neutral", 12-month target price is decreased to $41.00

GBS Gold International (GBS : TSX : $3.80)
Gold doubles Fountain head resources
Haywood Security maintains "sector outperform", 12-month target price is $5.35

Glencairn Gold (GGG : TSX : $0.55)
Emerging gold producer
Blackmont Capital maintains "buy", 12-month target price is decreased to $0.85

High Arctic Energy Services (HWO.UN : TSX : $5.79)
Continues to deploy capital to foreign markets
Canaccord Adams maintains "buy", 12-month target price is cut to $7.75

Imperial Oil (IMO : TSX : $44.21)
Share performance not expected to continue
Canaccord Capital downgrades to "hold", 12-month target price is increased to $48.00

LionOre Mining International (LIM : TSX : $12.92)
Very positive future production numbers
Desjardins Securities maintains "buy", 12-month target price is $16.70

Manitoba Telecom Services (MBT : TSX : $43.43)
No bidders and 2007 guidance
BMO Capital Markets maintains "market perform", 12-month target price is $48.00
Canaccord Adams maintains "sell", 12-month target price is $35.00
Desjardins Securities maintains "hold", 12-month target price is $44.00
Haywood Securities maintains "sector perform", 12-month target price is $47.00
RBC Capital Markets maintains "outperform", 12-month target price is $54.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $47.00

March Networks (MN : TSX : $20.24)
Down 25% since Q2 results
RBC Capital Markets maintains "outperform", 12-month target price is $31.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $26.00

Methanex Corp. (MX : TSX : $29.62 | MEOH : NASDAQ : US$25.61)
Increasing European methanol price
RBC Capital Markets maintains "underperform", 12-month target price is raised to US$23.00

Newalta Income Fund (NAL.UN : TSX : $26.56)
Board approves $120 million 2007 Capex
RBC Capital Markets maintains "sector perform", 12-month target price is $29.00

Nova Chemicals Corp (NCX : TSX : $31.47 | NYSE : US$27.25)
A rebound in polyethylene pricing should benefit earnings
Canaccord Adams maintains "buy", 12-month target price is US$40.00

Excel-Tech Ltd. (NRV : TSX : $1.20)
Positive results summary
Canaccord Capital maintains "buy", 12-month target price is decreased to $2.50

Petro-Canada (PCA : TSX : $51.04 | PCZ : NYSE : US$44.20)
Capital expenditure expected to be flat
RBC Capital Markets maintains "outperform", target price is $58.00

Pengrowth Energy Trust (PGF.UN : TSX : $19.96 | PGH : NYSE : US$17.18)
Acquisition of oil and gas properties and undeveloped land
RBC Capital Markets maintains "sector perform", target price is $18.25

Patheon Inc. (PTI : TSX : $5.10)
Disappointing guidance for flat FY07 revenues, limited insight provided by management
Desjardins Securities maintains "hold", target price lowered to $5.75
Scotia Capital Markets maintains "sector underperform", 12-month target price is cut to $4.50
TD Newcrest maintains "buy", 12-month target price lowered to $6.50

RioCan Real Estate Investment (REI.UN : TSX : $25.65)
Enters U.S. market with $1.5 billion joint venture with Ramco-Gershenson
BMO Nesbitt Burns maintains "market perform", target price raised to $26.00
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $24.50
TD Newcrest "buy", 12-month target price is $27.00

Research In Motion (RIM : TSX : $152.80 | RIMM : NASDAQ : US$132.05)
To report Q3/07 results on December 21 after market close
RBC Capital Markets reiterates "sector perform", target price is US$140.00

Saputo Inc. (SAP : TSX : $37.81)
SAP profitability improvement should be driven by easing cheese-milk spreads
Desjardins Securities initiates coverage with a "buy", target price is $42.00

Sobeys Inc. (SBY : TSX : $39.50)
Same store sales growth decelerating to +2.4 %
CIBC World Markets maintains "sector underperform", target price is raised to $40.00

Skye Resources (SKR : TSX : $10.54)
$80 million equity financing closed yesterday
TD Newcrest maintains "speculative buy", 12-month target price raised to $15.00

Lakeport Brewing Income Fund (TFR.UN : TSX : $20.35)
Special distribution of $0.35 per unit
Scotia Capital Markets maintains "sector outperform", 12-month target price is $20.50

TransForce Income Fund (TIF.UN : TSX : $12.85)
Challenges ahead for the trucking sector
BMO Nesbitt Burns maintains "outperform", target price is $15.50

TEAL Exploration & Mining (TL : TSX : $4.06)
Emerging copper producer with the development of two mines in 2007
RBC Capital Markets maintains "outperform", target price is $7.00

TransCanada Corp. (TRP : TSX : $39.84 | NYSE : US$34.48)
Filed an application for approvals to construct Canadian portion of the Keystone Pipeline
BMO Nesbitt Burns maintains "market perform", target price is $38.50