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  (John Lehmann/The Globe and Mail)


(John Lehmann/The Globe and Mail)

Canaccord downgrades 8 gold, silver stocks as it slashes metals outlook Add to ...

Target: Mr. Novarro raised his price target to $88 (U.S.) from $82 and reiterated a "sector perform" rating. Ms. Stewart raised her price target to $93 from $92. The average analyst price target, according to Bloomberg data, is $95.50.


Yahoo Inc.'s second-quarter results were mixed, as earnings beat Street forecasts but revenues once again came up short. But RBC Dominion Securities analyst Mark S. Mahaney remains a believer in a potential turnaround story at the Internet pioneer.

"History suggests that it is a multi-year process built on products and execution, the same strategy (CEO) Marissa Mayer is employing at Yahoo," he commented. "To date, we haven't seen any positive fundamental impact from the accelerated pace of product innovation, but we believe this could happen sometime in 2014."

He estimates the stock is trading at only 2 times EBITDA for its core Internet business, which "still implies very modest expectations."

Target: Mr. Mahaney raised his price target to $32 (U.S.) from $24. The average target is $29.40.


Credit Suisse analyst Colin Moore has lowered his second-quarter EBITDA forecasts for Rogers Communications Inc. by 3 per cent to reflect weakening results from its media division and slightly higher wireless subsidies.

He also expects higher costs from its Blue Jays baseball team without an offsetting revenue pick-up, but said cable financial trends should remain "relatively strong."

Target: Mr. Moore cut his price target by $2 to $50 and reiterated a "neutral" rating. The average target is $47.62.


CIBC World Markets analyst Kevin Chiang is taking a more cautious view on oil services provider Mullen Group Ltd., downgrading the stock to "sector underperformer" amid ongoing headwinds in the Canadian energy patch.

Second-quarter rig counts in the second quarter were down 13 per cent from a year earlier, and conditions are expected to remain challenging for the rest of the year. That might mean Mullen shares could come off their highs, given that the company trades at a premium to peers, despite the high quality of its management and its proven ability to execute well even during market downturns, he said.

"Even with the challenging environment, we expect MTL to achieve an EBITDA margin of about 21 per cent and remain disciplined in its capital allocation," said Mr. Chiang. "That said, from a valuation perspective, it appears things are getting stretched, with MTL trading at 7.7x consensus 2014E EBITDA, a significant premium to its peers."

Target: Mr. Chiang maintained a $22 price target. The average target is $23.68.


For more analyst actions, breaking investing news and analysis, follow Darcy Keith on Twitter at @ eyeonequities

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