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Blake Goldring, Chairman and CEO of AGF Management (Yvonne Berg/Yvonne Berg for The Globe and Mail)
Blake Goldring, Chairman and CEO of AGF Management (Yvonne Berg/Yvonne Berg for The Globe and Mail)

Eye on Equities

AGF price target cut by CIBC as redemptions loom Add to ...

AGF Management Ltd. is likely to report on Wednesday net redemptions of around $600-million in the third quarter, as market conditions have created a tough sales environment, CIBC analyst Paul Holden said. Net redemptions were $526-million in the third quarter last year. He lowered his earnings per share estimate from 39 cents to 36 cents.

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Downside: Mr. Holden cut his price target from $19.75 to $19.25. He rates the stock “sector perform.”

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Cott Corp. has fallen almost 14 per cent from its 26-week high, which has increased the benefit of holding the stock, according to Desjardins Securities strategist Ed Sollbach’s probability model. The company’s operating return on equity of 13.8 per cent, however, is falling, he said.

Upside: Mr. Sollbach raised his rating on Cott to “hold” from “sell” and expects the stock to deliver “average long-term value.”

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Suroco Energy Inc.’s agreement to raise its stake in the Alea 1947C Block in Colombia to 49.5 per cent will deliver “excellent” results, said Raymond James analyst Rafi Khouri.

Upside: Mr. Khouri maintained his “outperform” rating on the stock and recommended that investors continue to add Suroco shares. He raised the target price from $1.40 to $1.60.

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MacDonald Dettwiler and Associates Ltd.’s order backlog is declining, and the macroeconomic environment serves as a headwind to government discretionary spending, Canaccord Genuity analyst Jeff Rath said.

Downside: He rates the stock “hold” and has a $49 price target on it. “Despite facing numerous challenges, MDA still trades at a premium relative to its peers,” Mr. Rath pointed out.

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Big volume and strong downside momentum in recent days have turned the short-term trend on Silver Wheaton Corp. down again after a failed test of resistance near $40, said National Bank Financial analyst Dennis Mark.

Downside: Key support at $29.50 will be challenged as silver prices have broken their key support at $33 (U.S.). “A break of this important support will turn the major trend of this stock to the downside as it completes a top structure,” he said.

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