Raymond James analyst Steven Li downgraded space robotics and information company MacDonald Dettwiler & Associates to “market perform”.
MDA’s chief executive officer Dan Friedmann was “cautious” and highlighted a “slowdown in decision-making across all governments,” Mr. Li said. Canadian troops pulling out of Afghanistan and the Canadarm’s last voyage in July also influenced Mr. Li’s decision.
Downside: Mr. Li cut his price target by $9 to $65 and lowered his rating.
Eldorado Gold Corporation’s Perama Hill project in Greece is on the brink of being approved, said CIBC World Markets analyst Barry Cooper. Eldorado’s operating costs are expected to drop next year, he added, “setting EGO apart from other producers vulnerable to inflationary pressures.”
Upside: Mr. Cooper raised his price target by $2 to $25 and maintained his rating of “sector outperformer”.
Canaccord Genuity analyst Mario Mendonca lowered his price target for Industrial Alliance Insurance & Financial Services Inc. after a “messy” quarter.
The company had “unusually high” losses related to mortality and morbidity, he said. “Our decision to retain the buy rating on the stock partially reflects the fact that we simply cannot muster up enough enthusiasm about the large-cap insurers to potentially make the switch out of IAG,” Mr. Mendonca said.
Downside: Mr. Mendonca trimmed his price target by $1 to $46.
Norbord Inc. is trading at “depressed” levels last seen in 2010, said Desjardins Capital Markets analyst Pierre Lacroix.
Mr. Lacroix believes the stock is now trading at the bottom end of its range. The speed of recovery for the U.S. housing market will affect the price, he said. “We advise investors to take advantage of the current weakness to build a position in the stock.”
Downside: Mr. Lacroix cut his price target by $3 to $15 and rates the stock “buy” with an “above-average risk”.
TD Newcrest analyst Scott Cuthbertson cut his price target on Torstar Corp. after earnings from its Harlequin publishing division came in below expectations.
He noted that its newspaper business is “stable” and performed better than similar assets both in Canada and the U.S. The digital sector of the company, including Workopolis, performed well, he added.
Downside: Mr. Cuthbertson lowered his price target by $1 to $15 and maintained his “buy” rating.