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Arctec

03/03/07 10:13 AM

#11662 RE: Arctec #11661

Ear on the Street

Barrick Gold Corp. (ABX : TSX : $36.39 | NYSE : US$31.41)
Higher project costs
Blackmont Capital maintains "buy", 12-month target price is cut to $42.00
Desjardins Securities maintains "buy", 12-month target price is US$47.50
Haywood Securities maintains "sector outperform", 12-month target price is $44.00
TD Newcrest maintains "buy", 12-month target price is cut to US$39.00

ATCO Ltd. (ACO.X : TSX : $45.99)
Increased earnings from Canadian Utilities
TD Newcrest maintains "reduce", 12-month target price is $45.00

Agnico-Eagle Mines (AEM : TSX : $47.85 | NYSE : US$41.30)
Operating Q4 EPS slightly higher than expected
RBC Capital Markets maintains "sector perform", 12-month target price is US$51.00

ARC Energy Trust (AET.UN : TSX : $22.19)
Q4 in line
Scotia Capital Markets maintains "sector perform", 12-month target price is $22.50

Alamos Gold Inc. (AGI : TSX : $9.28)
Production shortfall in Q4
Raymond James maintains "outperform", 6-12 month target price is $11.75
TD Newcrest maintains "hold", 12-month target price is $9.00

Aurelian Resources (ARU : TSX-V : $29.85)
Infill drill holes indicate vertical continuity of mineralization in the FDN deposit
Blackmont Capital maintains "buy", 12-month target price is $48.35

Bombardier Inc. (BBD.B : TSX : $4.75)
Downgrade based on valuation
Desjardins Securities downgrades to "hold", 12-month target price is $4.80

BFI Canada Income Fund (BFC.UN : TSX : $26.30)
Q4 preview
Blackmont Capital maintains "buy", 12-month target price is $29.50

CAP REIT (CAR.UN : TSX : $20.93)
Analysts change the model
Blackmont Capital upgrades to "buy", 12-month target price is raised to $22.00

Cascades Inc. (CAS : TSX : $13.47)
Q4 below estimates
CIBC World Markets maintains "sector perform", 12-month target price is $14.50
Desjardins Securities maintains "buy", 12-month target price is $15.50
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 $14.50

Canfor Corporation (CFP : TSX : $11.83)
Poor Q4 in line with expectations
Desjardins Securities maintains "hold", 12-month target price is $11.75
Raymond James maintains "market perform", 6-12 month target price is $12.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $12.85

Canadian Utilities (CU : TSX : $42.92)
Q4 EPS beats expectations
TD Newcrest maintains "hold", 12-month target price is $45.00

Consumers Waterheater Fund (CWI.UN : TSX : $15.00)
Q4 in line
CIBC World Markets downgrades to "sector underperform", 12-month target price is raised to $14.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $15.25
TD Newcrest maintains "hold", 12-month target price is $13.50

EGI Financial Holdings (EFH : TSX : $11.40)
Q4 well above estimates
CIBC World Markets maintains "sector perform", 12-month target price is raised to $12.50

Emergis (EME : TSX : $5.37)
Electronic health record market
CIBC World Markets maintains "sector perform", 12-month target price is raised to $6.25
Scotia Capital Markets rates "sector outperform", 12-month target price is $6.50

Enerplus Resources Fund (ERF.UN : TSX : $50.65 | ERF : NYSE : US$43.71)
Q4 essentially in line
CIBC World Markets maintains "sector perform", 12-month target price is cut to $54.00
RBC Capital Markets maintains "sector perform", 12-month target price is $44.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $53.00
TD Newcrest maintains "hold", 12-month target price is $51.00

Fairfax Financial Holdings (FFH : TSX : $220.32 | NYSE : US$190.11)
Fundamentals steady in all segments
Scotia Capital Markets rates "sector perform", 12-month target price is $195.00

First Quantum Minerals (FM : TSX : $70.81)
Share price appreciation
TD Newcrest downgrades to "hold", 12-month target price is raised to $72.00

Inter Pipeline Fund (IPL.UN : TSX : $9.13)
Results lower that expected
RBC Capital Markets rates "outperform", 12-month target price is $9.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $8.75

Kaboose Inc (KAB : TSX : $3.07)
Announces agreement with Target Corp
GMP Securities maintains "buy", 12-month target price is raised to $3.75

Katanga Mining (KAT : TSX : $8.65)
Congo copper
GMP Securities maintains "buy", 12-month target price is increased to $13.25

Legacy Hotels Real Estate Tr. (LGY.UN : TSX : $11.22)
Reit takeout candidate
CIBC World Markets maintains "sector outperform", 12-month target price is raised to 11.75
Scotia Capital Markets maintains "sector perform", 12-month target price is $11.25
TD Newcrest maintains "buy", 12-month target price is $12.00

Lundin Mining (LUN : TSX : $12.76)
Higher zinc production, lower copper
CIBC World Markets maintains "sector outperform", 12-month target price is $17.00
GMP Securities maintains "buy", 12-month target price is $17.00

Maple Leaf Foods (MFI : TSX : $14.55)
Meat products improvement
Scotia Capital Markets rates "sector perform", 12-month target price is $14.75
TD Newcrest maintains "reduce", 12-month target price is raised to $12.00

Meridian Gold (MNG : TSX : $35.20 | MDG : NYSE : US$30.40)
El penon plant expansion
Raymond James reduces to "market perform", 12-month target price is $32.50
RBC Capital Markets rates "underperform", no target price reported

MOSAID Technologies (MSD : TSX : $28.85)
Intellectual property stock
GMP Securities maintains "buy", 12-month target price is $34.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $43.00

Northbridge Financial (NB : TSX : $30.51)
Needed strong quarter, didn't get it
RBC Capital Markets rates "sector outperform", no target price reported
Scotia Capital Markets rates "sector underperform", 12-month target price is $33.00

Newmont Mining (NMC : TSX : $54.10 | NEM : NYSE : US$46.72)
Little growth potential
Blackmont Capital maintains a "hold", 12-month target price is US$48.00
Desjardins Securities maintains "buy",12-month target price is US$67.00

Nortel Networks Corp. (NT : TSX : $36.26 | NYSE : US$31.28)
Transition year
RBC Capital Markets maintains "sector perform", 12-month target price is $32.00

Opta Minerals Inc (OPM : TSX : $4.90)
Strong growth continues in fourth quarter
Blackmont Capital maintains a "buy", 12-month target price is $4.75

Pan American Silver (PAA : TSX : $36.08)
Higher costs going forward
Blackmont Capital maintains a "buy", 12-month target price is cut to $42.00

Platinum Group Metals (PTM : TSX : $2.70)
Valuation hurt by increased capex at WBJV project
RBC Capital Markets downgrades to "sector perform", target price cut to $2.75

PrimeWest Energy Trust (PWI.UN : TSX : $23.04)
Year-end results meet expectations
CIBC World Markets maintains "sector perform", 12-month target price is $23.00
RBC Capital Markets maintains a "underperform", 12-month target price is raised to $18.50
Scotia Capital Markets continues to rate "sector perform", 1-year target price is $23.00
TD Newcrest maintains a "hold", 12-month target price is $20.00

QLT Inc. (QLT : TSX : $10.86 | QLTI : NASDAQ : US$9.38)
Visudyne faces competitive pressure
GMP Securities maintains "reduce", 12-month target price is US$6.00
Raymond James maintains a "market perform", 6-12 month target price raised to US$8.50
RBC Capital Markets maintains a "sector perform", target price is US$9.00
Scotia Capital Markets maintains a "sector underperform", 1-year target price is US$6.00

Ritchie Bros Auctioneers Inc. (RBA : TSX : $68.30 | NYSE : US$58.92)
Slows down a bit in fourth quarter
Blackmont Capital maintains a "buy", 12-month target price is cut to US$66.00
Raymond James maintains a "market perform", 6-12 month target price cut to US$61.25

Richmont Mines (RIC : TSX : $3.11)
Production forecast for 2007 lowered
Blackmont Capital maintains a "buy", 12-month target price is cut to $4.05

Stantec Inc. (STN : TSX : $28.16 | SXC : NYSE : US$24.15)
Strong growth demonstrated in fourth quarter
Raymond James maintains a "outperform", 6-12 month target price raised to $32.00
Scotia Capital Markets maintains a "sector perform", 1-year target price raised to $30.00

Supremex Income Fund (SXP.UN : TSX : $9.17)
Rapid unit price appreciation over last couple months behind downgrade
Desjardins Securities downgrades to "hold", target price is $9.00

TD Bank (TD : TSX : $70.80 | NYSE : US$61.13)
Strength across the board in first quarter
Blackmont Capital maintains a "hold", 12-month target price is raised to $73.00
CIBC World Markets maintains a "sector outperform", target price raised to $79.00
Scotia Capital Markets maintains a "sector perform", 1-year target price is $81.00

Teranet Income Fund (TF.UN : TSX : $9.95)
Upbeat presentation by CFO
RBC Capital Markets maintains a "outperform", target price is $10.50

TriStar Oil & Gas (TOG : TSX : $5.20)
Releases impressive first year reserve growth
GMP Securities reiterates "buy", target price is $8.50

Vault Energy Trust (VNG.UN : TSX : $5.13)
Announces in line year-end reserves
Scotia Capital Markets maintains a "sector underperform", 1-year target price cut to $4.50

Vero Energy (VRO : TSX : $5.95)
Strong 2006 reserve growth reported
GMP Securities maintains a "buy", target price is $8.75

Western Financial Group (WES : TSX : $4.45)
Solid long-term story
Desjardins Securities initiates coverage with a "buy", target price is $5.75

Western Oil Sands Inc (WTO : TSX : $34.26)
Shareholders continue to wait for news on "Shareholder Value Enhancement Initiatives"
RBC Capital Markets maintains a "sector perform", target price is $30.00