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Computer Chips (PHOTODISC)
Computer Chips (PHOTODISC)

Eye on Equities

Interdigital saves face with patent sale Add to ...

Interdigital Inc.’s sale of a package of wireless technology patents to chip maker Intel Corp. for $375-million (U.S.) has reduced “some of execution overhang” from failing to conclude a strategic sale of the company, said M Partners analyst Ron Shuttleworth.

Upside: Mr. Shuttleworth, who maintains his “buy” rating on the wireless telecom development and research firm, raised his one-year target to $45 a share from $44.

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A U.S. regulator has approved the acquisition of Central Vermont Public Service Corp. by Green Mountain Power, an affiliate of Quebec natural gas distributor Gaz Métro. The ruling includes approval for merger-related cost savings to be split between ratepayers and shareholders, said TD Securities analyst Robert Hope. Valener Inc. owns nearly one-third of Gaz Métro.

Upside: Mr. Hope upgraded his rating on Valener to a “buy,” and raised his one-year target to $17.50 a share from $17.

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The expectation of a strong construction cycle ahead and greater integration of Aecon Group Inc.’s business units should enable the company to bid for large and more complex projects, Desjardins Securities analyst Pierre Lacroix said after attending Aecon’s inaugural investor day on Monday.

Upside: Mr. Lacroix maintains a “buy” rating and a one-year target price of $14.50 a share.

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Production “remains somewhat weak” at Petrominerales Ltd., said Dundee Securities analyst Alex Klein. “The company must deliver more success on the exploration front, and ultimately more meaningful production growth.” The oil exploration and development company has operations in Colombia and Peru.

Downside: Mr. Klein cut his one-year target to $24 a share from $24.50, but maintains a “buy” rating.

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Zargon Oil & Gas Ltd. is likely to cut its dividend next year in the wake of recent market turmoil and lower-than-expected commodity prices, suggested BMO Nesbitt Burns analyst Gordon Tait. He lowered his monthly dividend per share forecast for 2013 by 2 cents to 8 cents.

Downside: The analyst, who maintains a “market perform” rating, cut his one-year target to $11 a share from $14.

 
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