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NORTEL NETWORKS (NYSE:NT)(TSE NT)        Updated Aug 01, 2008 

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Nortel is a recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, and secure and protect the world's most critical information. Serving both service provider and enterprise customers, Nortel delivers innovative technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and applications, and wireless broadband designed to help people solve the world's greatest challenges.   

 

Recent News: 

Nortel Commences Comprehensive Business and Financial Restructuring

Tim Luke ........... Lehman Bros........Aug 26, 2008

Downgraded to UNDERWEIGHT from EQUALWEIGHT 

Target reduced to $6.00 from $15.50US 

NT.TO Price day before: $6.24Finish day posting:$5.85Current:$5.85

NT  Price day before: $5.96 Finish day of posting:$5.58 Current:$5.58US

-------May 05, 2008--------

Maintained EQUALWEIGHT 

Target reduced to $15.50 from $17.00US 

NT.TO Price day before: $8.67Finish day posting:$8.38Current:$5.85

NT  Price day before: $8.49 Finish day of posting:$8.30 Current:$5.58US

---------Nov 07, 2007--------

Maintained EQUALWEIGHT

Target raised to $22.00 from $21.00US

NT.TO Price day before: $17.75Finish day posting:$17.10Current:$5.85

NT  Price day before: $19.18 Finish day of posting:$18.46 Current:$5.58US

**********

.......CIBC World Markets....August 18, 2008

New SECTOR PERFORM 

Target $7.00US

NT.TO Price day before: $6.68Finish day posting:$6.41Current:$5.85

NT  Price day before: $6.29Finish day of posting:$6.05Current:$5.58US  

**********

.......... GMP.......Aug 05, 2008

Maintained HOLD 

Target reduced to $5.60 from $6.40US

NT.TO Price day before: $6.66Finish day posting:$6.35Current:$5.85

NT  Price day before: $6.19Finish day of posting:$6.15Current:$5.58US

------Mar 13, 2008--------

New HOLD 

Target $6.40US (Target Hit)

NT.TO Price day before: $6.88Finish day posting:$6.68Current:$5.85

NT  Price day before: $6.94 Finish day of posting:$6.78 Current:$5.58US

************

Nikos Theodosopoulos........ UBS Warburg........Aug 05, 2008

Maintained NEUTRAL 

Target reduced to $7.50 from $9.50US 

NT.TO Price day before: $6.66Finish day posting:$6.35Current:$5.85

NT  Price day before: $6.19Finish day of posting:$6.15Current:$5.58US

----------May 05, 2008-------

Maintained NEUTRAL 

Target raised to $9.50 from $8.80US (Target Hit June 12, 2008) 

NT.TO Price day before: $8.67Finish day posting:$8.38Current:$5.85

NT  Price day before: $8.49 Finish day of posting:$8.30 Current:$5.58US

--------Feb 28, 2008-----

Maintained NEUTRAL 

Target reduced to $11.00 from $15.00US  

NT.TO Price day before: $9.68Finish day posting:$8.88Current:$5.85

NT  Price day before: $9.93 Finish day of posting:$9.07 Current:$5.58US

------Jan 24, 2008---------

Maintained NEUTRAL  

Target reduced to $15.00 from $20.00US 

NT.TO Price day before: $13.08Finish day posting:$13.21Current:$5.85

NT  Price day before: $12.79 Finish day of posting:$13.15 Current:$5.58US

-------Aug 23, 2007-----------

Maintained NEUTRAL  

Price Target reduced to $21.50 from $26.00US 

NT.TO Price day before: $21.57Finish day posting:$20.22Current:$5.85

NT  Price day before: $20.49 Finish day of posting:$19.33 Current:$5.58US

---------Jan 10, 2007-------

Maintained NEUTRAL  

Price Target raised to $26.00 from $23.50US 

NT.TO Price day before: $29.74Finish day posting:$30.45Current:$5.85

NT  Price day before: $25.25 Finish day of posting:$25.87 Current:$5.58US

************

Chris Umiastowski .......... TD Newcrest.......Aug 05, 2008

Downgraded to BUY from  ACTION LIST BUY

Target reduced to $10.00 from $13.00US 

NT.TO Price day before: $6.66Finish day posting:$6.35Current:$5.85

NT  Price day before: $6.19Finish day of posting:$6.15Current:$5.58US

-------Mar 18, 2008------

Maintained  ACTION LIST BUY

Target reduced to $13.00 from $17.00US 

NT.TO Price day before: $5.96Finish day posting:$6.15Current:$5.85

NT  Price day before: $6.00 Finish day of posting:$6.22 Current:$5.58US

--------Feb 28, 2008---------

Maintained  ACTION LIST BUY

Target reduced to $17.00 from $28.00US 

NT.TO Price day before: $9.68Finish day posting:$8.88Current:$5.85

NT  Price day before: $9.93 Finish day of posting:$9.07 Current:$5.58US

---------Feb 12, 2008------

Maintained ACTION LIST BUY 

Target $28.00US

NT.TO Price day before: $10.94Finish day posting:$10.33Current:$5.85

NT  Price day before: $10.89 Finish day of posting:$10.31 Current:$5.58US

--------Jan 16, 2008------

Upgraded to ACTION LIST BUY from BUY 

Target $28.00US

NT.TO Price day before: $12.61Finish day posting:$13.36Current:$5.85

NT  Price day before: $12.42 Finish day of posting:$13.02 Current:$5.58US

--------Oct 18, 2007------

Maintained BUY 

Price Target $28.00US

NT.TO Price day before: $15.80Finish day posting:$15.83Current:$5.85

NT  Price day before: $16.21 Finish day of posting:$16.26 Current:$5.58US

---------Mar 20, 2007-------

Maintained BUY 

Price Target $35.00US

NT.TO Price day before: $30.78Finish day posting:$30.04Current:$5.85

NT  Price day before: $26.15 Finish day of posting:$25.87 Current:$5.58US

-------Jan 03, 2007------

Maintained HOLD 

Price Target $25.00US

NT.TO Price day before: $31.73Finish day posting:$29.90Current:$5.85

NT  Price day before: $26.73 Finish day of posting:$25.55 Current:$5.58US

-------Dec 19, 2006-------

Maintained HOLD 

Price Target $25.00US (Target Hit Dec 20, 2006)

NT.TO Price day before: $27.49Finish day posting:$28.30Current:$5.85

NT  Price day before: $23.75 Finish day of posting:$24.50 Current:$5.58US

************

Kenneth Muth.......... Robert W. Baird.......Aug 04, 2008

Maintained NEUTRAL

Target reduced to $7.00 from $9.00US

NT.TO Price day before: $6.66Finish day posting:$6.35Current:$5.85

NT  Price day before: $6.52 Finish day of posting:$6.19 Current:$5.58US

************

George C. Notter........Jefferies & Co........Aug 04, 2008

Downgraded to HOLD from  BUY 

Target reduced to $7.25 from $11.00US

NT.TO Price day before: $6.66Finish day posting:$6.35Current:$5.85

NT  Price day before: $6.52 Finish day of posting:$6.19 Current:$5.58US

***********

Brian Modoff....... Deutsche Securities......Aug 04, 2008

Maintained HOLD

Target reduced to $7.00 from $10.00US

NT.TO Price day before: $6.66Finish day posting:$6.35Current:$5.85

NT  Price day before: $6.52 Finish day of posting:$6.19 Current:$5.58US

------Feb 28, 2008------

Maintained HOLD

Target reduced to $12.00 from $20.00US

NT.TO Price day before: $9.68Finish day posting:$8.88Current:$5.85

NT  Price day before: $9.93 Finish day of posting:$9.07 Current:$5.58US

************

Gus Papageorgiou........Scotia Capital.........Aug 01, 2008

Maintained  SECTOR PERFORM

Target reduced to $8.50 from $11.50C 

NT.TO Price day before: $7.85Finish day posting:$6.66Current:$5.85

NT  Price day before: $7.64 Finish day of posting:$6.52 Current:$5.58US

-------Feb 28, 2008------

Maintained  SECTOR PERFORM

Target reduced to $11.10 from $30.50C 

NT.TO Price day before: $9.68Finish day posting:$8.88Current:$5.85

NT  Price day before: $9.93 Finish day of posting:$9.07 Current:$5.58US

---------Dec 20, 2006----------

Maintained SECTOR PERFORM 

Price Target raised to $32.20  from $27.00Cdn (Target Hit Jan 16, 2007)

NT.TO Price day before: $28.30Finish day posting:$29.73Current:$5.85

NT  Price day before: $24.50 Finish day of posting:$25.89 Current:$5.58US

************

.......... JP Morgan.......June 12, 2008

Upgraded to OVERWEIGHT from NEUTRAL 

NT.TO Price day before: $9.42Finish day posting:$10.22Current:$5.85

NT  Price day before: $9.20 Finish day of posting:$10.02 Current:$5.58US

************

Paras Bhargava ........BMO Capital Markets…May 05, 2008

Maintained MARKET PERFORM 

Target reduced to $11.00 from $15.00US  

NT.TO Price day before: $8.67Finish day posting:$8.38Current:$5.85

NT  Price day before: $8.49 Finish day of posting:$8.30 Current:$5.58US

-------Feb 28, 2008---------

Maintained MARKET PERFORM 

Target reduced to $15.00 from $22.00US  

NT.TO Price day before: $9.68Finish day posting:$8.88Current:$5.85

NT  Price day before: $9.93 Finish day of posting:$9.07 Current:$5.58US

--------Nov 07, 2007-------

Maintained MARKET PERFORM 

Price Target reduced to $22.00 from $25.00US  

NT.TO Price day before: $17.75Finish day posting:$17.10Current:$5.85

NT  Price day before: $19.18 Finish day of posting:$18.46 Current:$5.58US

**********

Kenneth Muth.......... Robert W. Baird.......Mar 03, 2008

Maintained OUTPERFORM 

Target reduced to $14.00 from $26.00US 

NT.TO Price day before: $9.68Finish day posting:$8.88Current:$5.85

NT  Price day before: $9.93 Finish day of posting:$9.07 Current:$5.58US

--------Aug 02, 2007----

Maintained OUTPERFORM 

Target reduced to $28.00 from $34.00US 

NT.TO Price day before: $22.92Finish day posting:$21.57Current:$5.85

NT  Price day before: $21.74 Finish day of posting:$20.49 Current:$5.58US

************

....... Charter Equity......Feb 28, 2008

Downgraded to MARKET PERFORM from BUY

NT.TO Price day before: $9.68Finish day posting:$8.88Current:$5.85

NT  Price day before: $9.93 Finish day of posting:$9.07 Current:$5.58US

--------Nov 06, 2007-------

Upgraded to BUY from MARKET PERFORM

NT.TO Price day before: $15.23Finish day posting:$17.75Current:$5.85

NT  Price day before: $16.28 Finish day of posting:$19.18 Current:$5.58US

-----Aug 03, 2007------

Downgraded to MARKET PERFORM from BUY

NT.TO Price day before: $21.57Finish day posting:$20.22Current:$5.85

NT  Price day before: $20.49 Finish day of posting:$19.33 Current:$5.58US

************

David Hodgson........Genuity Capital Markets........Feb 28, 2008

Maintained  HOLD

Target reduced to $10.00 from $15.00US 

NT.TO Price day before: $9.68Finish day posting:$8.88Current:$5.85

NT  Price day before: $9.93 Finish day of posting:$9.07 Current:$5.58US

--------Feb 25, 2008----

Maintained  HOLD

Target reduced to $15.00 from $17.50US 

NT.TO Price day before: $11.11Finish day posting:$10.94Current:$5.85

NT  Price day before: $10.98 Finish day of posting:$10.98 Current:$5.58US

------Jan 17, 2008-------

Maintained HOLD 

Target reduced to $17.50 from $20.00US 

NT.TO Price day before: $13.36Finish day posting:$12.90Current:$5.85

NT  Price day before: $13.02 Finish day of posting:$12.58 Current:$5.58US

-----Oct 02, 2007------

Maintained HOLD 

Target reduced to $20.00 from $24.00US 

NT.TO Price day before: $17.37Finish day posting:$17.32Current:$5.85

NT  Price day before: $17.51 Finish day of posting:$17.36 Current:$5.58US

--------Dec 18, 2006---------

New HOLD 

Price Target $25.00US (Target Hit Dec 20, 2006)

NT.TO Price day before: $26.70Finish day posting:$27.49Current:$5.85

NT  Price day before: $23.10 Finish day of posting:$23.75 Current:$5.58US

************

Mark Sue ....... RBC Capital Markets......Feb 27, 2007

Downgraded to UNDERPERFORM from  SECTOR PERFORM

NT.TO Price day before: $11.21Finish day posting:$9.68Current:$5.85

NT  Price day before: $11.45 Finish day of posting:$9.93 Current:$5.58US

------Feb 25, 2008------

Maintained  SECTOR PERFORM

Target reduced to $10.00 from $16.00US (Target Hit Feb 27, 2008)

NT.TO Price day before: $11.11Finish day posting:$10.94Current:$5.85

NT  Price day before: $10.98 Finish day of posting:$10.98 Current:$5.58US

------Jan 10, 2008------

Maintained  SECTOR PERFORM

Target reduced to $16.00 from $18.00US

NT.TO Price day before: $12.89Finish day posting:$12.59Current:$5.85

NT  Price day before: $12.73 Finish day of posting:$12.51 Current:$5.58US

-------Oct 11, 2007-----

Maintained  SECTOR PERFORM

Target reduced to $18.00 from $22.00US

NT.TO Price day before: $16.08Finish day posting:$16.05Current:$5.85

NT  Price day before: $16.44 Finish day of posting:$16.45 Current:$5.58US

--------Sept 20, 2007--------

Maintained  SECTOR PERFORM

Target reduced to $22.00 from $28.00US

NT.TO Price day before: $16.75Finish day posting:$16.42Current:$5.85

NT  Price day before: $16.50 Finish day of posting:$16.44 Current:$5.58US

-------Jan 03, 2007----------

Maintained  SECTOR PERFORM

Price Target raised to $28.00 from $24.00US

NT.TO Price day before: $31.73Finish day posting:$29.90Current:$5.85

NT  Price day before: $26.73 Finish day of posting:$25.55 Current:$5.58US

-------Dec 06, 2006---------

Maintained  SECTOR PERFORM

Price Target reduced to $24.00 from $25.00US (Target Hit Dec 19, 2006)

NT.TO Price day before: $25.43Finish day posting:$25.06Current:$5.85

NT  Price day before: $22.19 Finish day of posting:$21.91 Current:$5.58US

************

Paul Silverstein.......... Credit Suisse.......Nov 08, 2007

Upgraded to NEUTRAL from UNDERPERFORM 

Target raised to $18.00 from $16.00US

NT.TO Price day before: $17.10Finish day posting:$17.02Current:$5.85

NT  Price day before: $18.46 Finish day of posting:$18.10 Current:$5.58US

-------June 08, 2007------

New UNDERPERFORM 

Target $19.00US (Target Hit Aug 16, 2007)

NT.TO Price day before: $27.38Finish day posting:$27.54Current:$5.85

NT  Price day before: $25.77 Finish day of posting:$26.00 Current:$5.58US

************

 

Brantley Thompson.......... Goldman Sachs.......Apr 27, 2007

Downgraded to SELL from NEUTRAL 

NT.TO Price day before: $26.94Finish day posting:$26.00Current:$5.85

NT  Price day before: $24.17 Finish day of posting:$24.05 Current:$5.58US

************

Alexander Henderson ..........Citigroup Smith Barney..............Jan 25, 2007

Upgraded to BUY from HOLD

Price Target raised to $35.00 from $25.00US

NT.TO Price day before: $31.31Finish day posting:$30.81Current:$5.85

NT  Price day before: $26.59 Finish day of posting:$26.08 Current:$5.58US

************

George C. Notter........Jefferies & Co........Jan 17, 2007

Maintained BUY 

Price Target raised to $33.00 from $30.00US 

NT.TO Price day before: $32.12Finish day posting:$32.00Current:$5.85

NT  Price day before: $27.30 Finish day of posting:$27.30 Current:$5.58US

************

Paul Sagawa .......... Sanford C. Bernstein......Jan 03, 2007

Downgraded to UNDERPERFORM from MARKET PERFORM 

NT.TO Price day before: $31.73Finish day posting:$29.90Current:$5.85

NT  Price day before: $26.73 Finish day of posting:$25.55 Current:$5.58US

************

 

The following do not reflect a 1:10 Reverse Split

Chris Umiastowski .......... TD Newcrest.......Oct 12, 2006

Maintained BUY 

Price Target $3.00US

NT.TO Price day before: $2.47Finish day posting:$2.47Current:$2.47

NT  Price day before: $2.17 Finish day of posting:$2.17 Current:$5.58US

-------Aug 04, 2006--------

Maintained BUY 

Price Target $3.00US

NT.TO Price day before: $2.23Finish day posting:$2.28Current:$2.47

NT  Price day before: $1.98 Finish day of posting:$2.01 Current:$5.58US

-----June 07, 2006----------

Maintained BUY 

Price Target $3.00US

NT.TO Price day before: $2.48Finish day posting:$2.42Current:$2.47

NT  Price day before: $2.23 Finish day of posting:$2.17 Current:$5.58US

-------May 17, 2006---

Maintained BUY 

Price Target reduced to $3.00 from $4.00US 

NT.TO Price day before: $2.70Finish day posting:$2.77Current:$2.47

NT  Price day before: $2.47 Finish day of posting:$2.47 Current:$5.58US

---------Feb 09, 2006--------

Maintained BUY 

Price Target reduced to $4.00 from $4.50US

NT.TO Price day before: $3.44Finish day posting:$3.36Current:$2.47

NT  Price day before: $2.85 Finish day of posting:$2.94 Current:$5.58US

--------Jan 06, 2006-------

Maintained BUY 

Price Target $4.50US

NT.TO Price day before: $3.80Finish day posting:$3.77Current:$2.47

NT  Price day before: $3.21 Finish day of posting:$3.15 Current:$5.58US

--------Nov 10, 2005------

Upgraded to BUY from HOLD

Price Target raised to $4.50 from $3.50 US

NT.TO Price day before: $3.80Finish day posting:$3.77Current:$2.47

NT  Price day before: $3.21 Finish day of posting:$3.15 Current:$5.58US

-------Oct 18, 2005-----

Maintained HOLD

Price Target raised to $3.50 from $3.00US 

NT.TO Price day before: $4.10Finish day posting:$4.13Current:$2.47

NT  Price day before: $3.48 Finish day of posting:$3.49 Current:$5.58US

-------Oct 03, 2005------

Target $3.00 US

Maintained HOLD 

NT.TO Price day before: $3.81Finish day posting:$3.87Current:$2.47

NT  Price day before: $3.26 Finish day of posting:$3.30 Current:$5.58US

--------Aug 09, 2005----------

Price Target raised to $3.00 from $2.75US

Maintained HOLD 

NT.TO Price day before: $3.60Finish day posting:$3.72Current:$2.47

NT  Price day before: $2.96 Finish day of posting:$3.09 Current:$5.58US

--------May 16, 2005---------

Price Target reduced to $2.75 from $3.00US

Maintained HOLD (Hit Target)

NT.TO Price day before: $3.35Finish day posting:$3.33Current:$2.47

NT  Price day before: $2.66 Finish day of posting:$2.62 Current:$5.58US

---------May 03, 2005---------

Price Target $3.00US

Maintained HOLD (Target Hit)

NT.TO Price day before: $2.89Finish day posting:$2.95Current:$2.47

NT  Price day before: $2.26 Finish day of posting:$2.33 Current:$5.58US

---------Mar 21, 2005----------

Price Target reduced to $3.00 from $4.00US

NT.TO Price day before: $3.59

NT  Price day before: $2.97US

---------Sept 20, 2004---------

New HOLD...... Price Target $4.00US

NT.TO Price day before: $4.40C

NT  Price day before: $3.41US

************

Click Here For The Wall Street Journal Online

***************

Colin Cieszynski ........... Canaccord/Adams...........Sept 12, 2006

New BUY 

Price Target $2.75US

NT.TO Price day before: $2.54Finish day posting:$2.60Current:$2.47

NT  Price day before: $2.26 Finish day of posting:$2.32 Current:$5.58US

**************

Paul Howbold ........... Desjardins Securities...........Sept 05, 2006

Maintained HOLD 

Price Target reduced to $2.25 from $2.50US

NT.TO Price day before: $2.37Finish day posting:$2.40Current:$2.47

NT  Price day before: $2.14 Finish day of posting:$2.16 Current:$5.58US

-------Aug 01, 2006------

Maintained HOLD 

Price Target $2.50US

Price Target $2.75C

NT.TO Price day before: $2.21Finish day posting:$2.22Current:$2.47

NT  Price day before: $1.96 Finish day of posting:$1.95 Current:$5.58US

---------May 05, 2006---------

Maintained HOLD 

Price Target reduced to $2.50 from $2.75US (Target Hit)

NT.TO Price day before: $3.06Finish day posting:$3.11Current:$2.47

NT  Price day before: $2.78 Finish day of posting:$2.80 Current:$5.58US

----------Mar 13, 2006-------

Downgraded to HOLD from BUY

Price Target reduced to $2.75 from $3.80US

Price Target reduced to $3.20C

NT.TO Price day before: $3.50Finish day posting:$3.46Current:$2.47

NT  Price day before: $3.02 Finish day of posting:$2.98 Current:$5.58US

-------Mar 10, 2006------

Rating & Target placed UNDER REVIEW

NT.TO Price day before: $3.58Finish day posting:$3.50Current:$2.47

NT  Price day before: $3.09 Finish day of posting:$3.02 Current:$5.58US

--------Feb 09, 2006------

Maintained BUY

Price Target reduced to $3.80 from $4.40US

NT.TO Price day before: $3.44Finish day posting:$3.36Current:$2.47

NT  Price day before: $2.85 Finish day of posting:$2.94 Current:$5.58US

-------Jan 11, 2006---------

Maintained BUY

Price Target $4.40US

Price Target $5.25C

NT.TO Price day before: $3.83Finish day posting:$3.89Current:$2.47

NT  Price day before: $3.30 Finish day of posting:$3.36 Current:$5.58US

-------Sept 19, 2005----------

Maintained BUY

Price Target $4.40US

NT.TO Price day before: $3.66Finish day posting:$3.77Current:$2.47

NT  Price day before: $3.09 Finish day of posting:$3.21 Current:$5.58US

--------May 03, 2005--------

Maintained BUY

Price Target reduced to $4.00 from $4.40US

NT.TO Price day before: $2.89Finish day posting:$2.95Current:$2.47

NT  Price day before: $2.26 Finish day of posting:$2.33 Current:$5.58US

-------June 02, 2003--------

Upgraded to TOP PICK from BUY

Price Target raised to $6.00 from $5.25Cdn (Hit Target Jan 06, 2004)

NT.TO Price day before: $3.66Finish day posting:$3.90Current:$2.47

NT  Price day before: $2.40 Finish day of posting:$2.58 Current:$5.58US

-----------January 24, 2003--------------

Upgraded to BUY from HOLD

Price Target $5.00Cdn (Hit Target Sept 05, 2003)

NT.TO Price day before: $3.66Finish day posting:$3.90Current:$2.47

NT  Price day before: $2.40 Finish day of posting:$2.58 Current:$5.58US

***********************************  

Tom Astle ....National Bank Financial.......Aug 31, 2006

Downgraded to SECTOR PERFORM from OUTPERFORM

Price Target  reduced to $2.50 from $3.30US  

NT.TO Price day before: $2.38Finish day posting:$2.31Current:$2.47

NT  Price day before: $2.12 Finish day of posting:$2.09 Current:$5.58US

-------May 03, 2006------

Price Target  reduced to $3.50 from $4.00US  

NT.TO Price day before: $2.62Finish day posting:$2.72Current:$2.47

NT  Price day before: $3.03 Finish day of posting:$3.06 Current:$5.58US

------Feb 09, 2006------

Price Target  reduced to $4.00 from $4.50US  

NT.TO Price day before: $3.44Finish day posting:$3.36Current:$2.47

NT  Price day before: $2.85 Finish day of posting:$2.94 Current:$5.58US

************

...... Matrix Research........Aug 22, 2006

Downgraded to SELL from BUY  

NT.TO Price day before: $2.32Finish day posting:$2.32Current:$2.47

NT  Price day before: $2.07 Finish day of posting:$2.09 Current:$5.58US

**************

Joe Chiasson........ Susquehanna Financial........Aug 04, 2006

Upgraded to NEUTRAL from NEGATIVE  

NT.TO Price day before: $2.23Finish day posting:$2.28Current:$2.47

NT  Price day before: $1.98 Finish day of posting:$2.01 Current:$5.58US

-------May 25, 2006---

New NEGATIVE 

NT.TO Price day before: $2.66Finish day posting:$2.69Current:$2.47

NT  Price day before: $2.39 Finish day of posting:$2.41 Current:$5.58US

**************

Nikos Theodosopoulos........ UBS Warburg........Aug 04, 2006

Maintained NEUTRAL  

Price Target reduced to $2.35 from $2.55US 

NT.TO Price day before: $2.23Finish day posting:$2.28Current:$2.47

NT  Price day before: $1.98 Finish day of posting:$2.01 Current:$5.58US

------June 07, 2006---------

Maintained NEUTRAL  

Price Target reduced to $2.55 from $3.00US 

NT.TO Price day before: $2.48Finish day posting:$2.42Current:$2.47

NT  Price day before: $2.23 Finish day of posting:$2.17 Current:$5.58US

----------May 02, 2006---------

Maintained NEUTRAL  

Price Target reduced to $3.00 from $3.50US 

NT.TO Price day before: $2.90Finish day posting:$2.89Current:$2.47

NT  Price day before: $2.61 Finish day of posting:$2.62 Current:$5.58US

----------Jan 11, 2006----------

Maintained NEUTRAL  

Price Target $3.50US 

NT.TO Price day before: $3.83Finish day posting:$3.89Current:$2.47

NT  Price day before: $3.30 Finish day of posting:$3.36 Current:$5.58US

--------Oct 21, 2005-------

Maintained NEUTRAL  

Price Target $3.30US 

NT.TO Price day before: $4.03Finish day posting:$4.04Current:$2.47

NT  Price day before: $3.44 Finish day of posting:$3.40 Current:$5.58US

******************

Inder Singh ............Prudential Securities..........Aug 04, 2006

Downgraded to NEUTRAL from OVERWEIGHT 

Price Target reduced to $2.50 from $4.00US

NT.TO Price day before: $2.23Finish day posting:$2.28Current:$2.47

NT  Price day before: $1.98 Finish day of posting:$2.01 Current:$5.58US

-------Feb 13, 2006-------

Upgraded to OVER WEIGHT from NEUTRAL

Price Target $4.00US

NT.TO Price day before: $3.40Finish day posting:$3.42Current:$2.47

NT  Price day before: $2.96 Finish day of posting:$2.97 Current:$5.58US

-------Feb 03, 2006-------

Maintained NEUTRAL WEIGHT 

Price Target $4.00US

NT.TO Price day before: $3.56Finish day posting:$3.56Current:$2.47

NT  Price day before: $3.10 Finish day of posting:$3.07 Current:$5.58US

-------Dec 22, 2005---------

Maintained NEUTRAL WEIGHT 

Price Target $4.00US

NT.TO Price day before: $3.64Finish day posting:$3.63Current:$2.47

NT  Price day before: $3.10 Finish day of posting:$3.10 Current:$5.58US

--------Jan 07, 2005------

Maintained NEUTRAL WEIGHT 

Price Target $4.50US

NT.TO Price day before: $4.18Finish day posting:$4.09Current:$2.47

NT  Price day before: $3.37 Finish day of posting:$3.34 Current:$5.58US

-------Sept 27, 2004-----

Downgraded to NEUTRAL WEIGHT from OVERWEIGHT 

Price Target $4.50US

NT.TO Price day before: $4.30Finish day posting:$4.13Current:$2.47

NT  Price day before: $3.38 Finish day of posting:$3.25 Current:$5.58US

-------Apr 29, 2004------------

Maintained OVERWEIGHT 

Price Target $10.00US

NT.TO Price day before: $5.26Finish day posting:$5.33Current:$2.47

NT  Price day before: $4.05 Finish day of posting:$3.85 Current:$5.58US

----------Mar 12, 2004----------

Maintained OVERWEIGHT 

Price Target $10.00US

NT.TO Price day before: $8.40Finish day posting:$8.58Current:$2.47

NT  Price day before: $6.37 Finish day of posting:$6.43 Current:$5.58US

---------Jan 08, 2004--------

Upgraded to OVERWEIGHT from NEUTRAL WEIGHT

Price Target raised to $7.00 from $4.50US (Hit Target Jan 20, 2004)

NT.TO Price day before: $7.30Finish day posting:$7.86Current:$2.47

NT  Price day before: $5.68 Finish day of posting:$6.13 Current:$5.58US

----------January 24, 2003---------

Upgraded to BUY from HOLD

Price Target raised to $3.50 from $1.00US (Hit Target March 19, 2003)

NT.TO Price day before: $3.66Finish day posting:$3.90Current:$2.47

NT  Price day before: $2.40 Finish day of posting:$2.58 Current:$5.58US

--------May 24, 2002----------

New HOLD

Target price $3.00US(Hit Target December 02, 2002)

NT.TO Price day before: $4.01Finish day posting:$3.95Current:$2.47

NT  Price day before: $2.58 Finish day of posting:$2.56 Current:$5.58US

*******************

Kenneth Muth.......... Robert W. Baird.......July 31, 2006

Downgraded to NEUTRAL from OUTPERFORM 

NT.TO Price day before: $2.22Finish day posting:$2.23Current:$2.47

NT  Price day before: $1.97 Finish day of posting:$1.96 Current:$5.58US

-------Nov 07, 2005----------

Maintained OUTPERFORM 

Price Target $4.00US

NT.TO Price day before: $3.90Finish day posting:$3.94Current:$2.47

NT  Price day before: $3.31 Finish day of posting:$3.31 Current:$5.58US

***************

Mark Sue ....... RBC Capital Markets......July 24, 2006

Maintained  SECTOR PERFORM

Price Target reduced to $3.00 from $3.50US

NT.TO Price day before: $2.21Finish day posting:$2.28Current:$2.47

NT  Price day before: $1.94 Finish day of posting:$1.99 Current:$5.58US

-------May 17, 2006--------

Maintained  SECTOR PERFORM

Price Target reduced to $3.50 from $4.00US

NT.TO Price day before: $2.70Finish day posting:$2.77Current:$2.47

NT  Price day before: $2.47 Finish day of posting:$2.47 Current:$5.58US

-------Jan 16, 2006------

Maintained  SECTOR PERFORM

Price Target $4.00US

NT.TO Price day before: $3.75Finish day posting:$3.77Current:$2.47

NT  Price day before: $3.22 Finish day of posting:$3.14 Current:$5.58US

------Mar 21, 2005--------

Maintained  SECTOR PERFORM

Price Target $5.50US

NT.TO Price day before: $3.59Finish day posting:$3.40Current:$2.47

NT  Price day before: $2.97 Finish day of posting:$2.79 Current:$5.58US

*******************

George C. Notter........Jefferies & Co........July 03, 2006

Upgraded to BUY from HOLD 

Price Target raised to $3.00 from $2.60US 

NT.TO Price day before: $2.48Finish day posting:$2.48Current:$2.47

NT  Price day before: $2.24 Finish day of posting:$2.31 Current:$5.58US

***********

 

Gus Papageorgiou........Scotia Capital.........June 20, 2006

Maintained OUTPERFORM 

Price Target reduced to $3.00 from $4.00 Cdn 

NT.TO Price day before: $2.30Finish day posting:$2.34Current:$2.47

NT  Price day before: $2.04 Finish day of posting:$2.08 Current:$5.58US

-----May 08, 2006-------

Upgraded to OUTPERFORM from SECTOR PERFORM

Price Target reduced to $4.00 from $4.40Cdn 

NT.TO Price day before: $3.11Finish day posting:$3.10Current:$2.47

NT  Price day before: $2.80 Finish day of posting:$2.77 Current:$5.58US

--------Aug 20, 2004------

Maintained SECTOR PERFORM

Price Target reduced to $5.30 from $5.50Cdn 

NT.TO Price day before: $4.85Finish day posting:$5.02Current:$2.47

NT  Price day before: $3.74 Finish day of posting:$3.86 Current:$5.58US

-------July 28, 2004-------

Maintained SECTOR PERFORM

Price Target reduced to $5.50 from $7.30Cdn 

NT.TO Price day before: $4.55Finish day posting:$4.64Current:$2.47

NT  Price day before: $3.42 Finish day of posting:$3.50 Current:$5.58US

--------July 14, 2004---------

Maintained SECTOR PERFORM

Price Target $7.30Cdn 

NT.TO Price day before: $6.08Finish day posting:$5.97Current:$2.47

NT  Price day before: $4.76 Finish day of posting:$4.61 Current:$5.58US

-------May 21, 2004--------

Maintained SECTOR PERFORM

Price Target $6.25Cdn 

NT.TO Price day before: $4.84Finish day posting:$4.89Current:$2.47

NT  Price day before: $3.53 Finish day of posting:$3.57 Current:$5.58US

--------Feb 23, 2004--------

Maintained SECTOR OUTPERFORM

Price Target $14.00Cdn 

EPS est 2004: $0.21...2005: $0.42

NT.TO Price day before: $10.24Finish day posting:$10.14Current:$2.47

NT  Price day before: $7.64 Finish day of posting:$7.60 Current:$5.58US

------Jan 26, 2004-------

Maintained SECTOR PERFORM

Price Target $9.00Cdn (Hit Target Jan 30, 2004)

NT.TO Price day before: $8.52Finish day posting:$8.55Current:$2.47

NT  Price day before: $6.49 Finish day of posting:$6.52 Current:$5.58US

-------Nov 03, 2003-------

Maintained SECTOR OUTPERFORM

Price Target $7.00Cdn(Hit Target Jan 07, 2004)

Price Target $5.20US  

NT.TO Price day before: $5.88Finish day posting:$6.04Current:$2.47

NT  Price day before: $4.44 Finish day of posting:$4.53 Current:$5.58US

-----Sept 09, 2003-----------

Maintained SECTOR OUTPERFORM

Price Target raised to $7.00 from $5.00Cdn (Hit Target Jan 07, 2004)

Price Target raised to $5.20US from $3.60USCdn 

NT.TO Price day before: $6.25Finish day posting:$5.60Current:$2.47

NT  Price day before: $4.54 Finish day of posting:$4.10 Current:$5.58US

------------July 25, 2003---------

Maintained SECTOR OUTPERFORM

Price Target $5.00 (Hit Target Sept 05, 2003)

NT.TO Price day before: $4.24Finish day posting:$4.11Current:$2.47

NT  Price day before: $3.05 Finish day of posting:$2.98 Current:$5.58US

---------May 29, 2003-------

Maintained SECTOR OUTPERFORM

Price Target $5.00 (Hit Target Sept 05, 2003)

NT.TO Price day before:$4.11Finish day posting:$4.21 Current:$2.47

NT  Price day before:$2.97 Finish day of posting:$3.08 Current:$5.58US

-------October 29, 2002--------

Maintained HOLD

Price Target raised to $2.50 from $1.50Cdn (Hit Target Nov 21, 2002)

NT.TO Price day before:$1.94Finish day posting:$1.69 Current:$2.47

NT  Price day before:$1.25 Finish day of posting:$1.09 Current:$5.58US

--------------May 08, 2002---------------   

Reiterated HOLD

Target Price reduced to $6.00CDN from $8.00 CDN (Hit Jan 2004)

NT.TO Price day before:$4.27Finish day posting:$4.70 Current:$2.47

NT  Price day before:$2.71 Finish day of posting:$2.98 Current:$5.58US

--------------April 19, 2002---------------  

downgraded to HOLD from BUY  Target price $8.00 CDN (Hit Jan 2004)

NT.TO Price day before:$6.33  Finish day posting:$6.29 Current:$2.47

NT  Price day before:$4.04  Finish day of posting:$3.97 Current:$5.58US

***********************************

Paras Bhargava ........BMO Nesbitt Burns………May 17, 2006

Maintained MARKET PERFORM 

Price Target reduced to $3.00 from $3.40US  

NT.TO Price day before: $2.70Finish day posting:$2.77Current:$2.47

NT  Price day before: $2.47 Finish day of posting:$2.47 Current:$5.58US

--------Mar 13, 2006------

Downgraded to MARKET PERFORM from OUTPERFORM  

NT.TO Price day before: $3.50Finish day posting:$3.46Current:$2.47

NT  Price day before: $3.02 Finish day of posting:$2.98 Current:$5.58US

------Feb 09, 2006------

Maintained OUTPERFORM  

Price Target reduced to $3.40 from $4.00US

NT.TO Price day before: $3.44Finish day posting:$3.36Current:$2.47

NT  Price day before: $2.85 Finish day of posting:$2.94 Current:$5.58US

----------Nov 03, 2005------

Upgraded to OUTPERFORM from MARKET PERFORM

NT.TO Price day before: $3.91Finish day posting:$3.95Current:$2.47

NT  Price day before: $3.32 Finish day of posting:$3.35 Current:$5.58US

-------Oct 18, 2005-----

Maintained MARKET PERFORM

Price Target raised to $4.00 from $3.40US 

NT.TO Price day before: $4.10Finish day posting:$4.13Current:$2.47

NT  Price day before: $3.48 Finish day of posting:$3.49 Current:$5.58US

-------Jan 08, 2004-----

Upgraded to OUTPERFORM from MARKET PERFORM

NT.TO Price day before: $7.30Finish day posting:$7.86Current:$2.47

NT  Price day before: $5.68 Finish day of posting:$6.13 Current:$5.58US

--------January 07, 2003-------

Upgraded to MARKET PERFORM from UNDERPERFORM

Price Target raised to $3.00 from $2.25CDN

NT.TO Price day before: $3.15Finish day posting:$3.26Current:$2.47

NT  Price day before: $2.02 Finish day of posting:$2.08 Current:$5.58US

--------December 02, 2002-----------

Downgraded to UNDERPERFORM from MARKET PERFORM

Reduced  target price to $2.25CDN

NT.TO Price day before: $3.10Finish day posting:$3.59Current:$2.47

NT  Price day before: $1.94 Finish day of posting:$2.30 Current:$5.58US

-------August 29, 2002----------

maintained MARKET PERFORM

Reduced  target price to $2.30 from $2.50CDN (Hit Target Nov 06, 2002)

NT.TO Price day before: $1.58Finish day posting:$1.55Current:$2.47

NT  Price day before: $1.04 Finish day of posting:$1.05 Current:$5.58US

-------June 11, 2002-----------

maintained MARKET PERFORM

Reduced 12month target price to $2.50 from $5.00CDN (Hit Target Nov 21, 2002)

NT.TO Price day before: $2.81Finish day posting:$2.90Current:$2.47

NT  Price day before: $1.79 Finish day of posting:$1.85 Current:$5.58US

--------- May 14, 2002---------    

maintained MARKET PERFORM

Reduced 12month target price to $6.00 from $8.00CDN (Hit Target Jan 06, 2004)

NT.TO Price day before:$4.03Finish day posting:$4.25 Current:$2.47

NT  Price day before:$2.62  Finish day of posting:$2,74 Current:$5.58US

……… April 19, 2002 ………

maintained MARKET PERFORM  (Hit Target Jan 2004)

Reduced 12month target price to $8.00CDN from $10.00CDN

NT.TO Price day before:$6.33  Finish day posting:$6.29 Current:$2.47

NT  Price day before:$4.04  Finish day of posting:$3.97 Current:$5.58US

****************************

Dayle Hogg ........................GMP..............May 01, 2006

Price Target reduced to $3.50 from $4.10US

NT.TO Price day before: $2.94Finish day posting:$2.90Current:$2.47

NT  Price day before: $2.66 Finish day of posting:$2.61 Current:$5.58US

--------Feb 08, 2006--------

Price Target reduced to $4.10 from $4.70US

NT.TO Price day before: $3.47Finish day posting:$3.44Current:$2.47

NT  Price day before: $3.02 Finish day of posting:$3.98 Current:$5.58US

-------Nov 03, 2005--------

Price Target raised to $5.00 from $4.20US

NT.TO Price day before: $3.91Finish day posting:$3.95Current:$2.47

NT  Price day before: $3.32 Finish day of posting:$3.35 Current:$5.58US

****************************  

Stewart Duncan ........................Orion Securities......Feb 09, 2006

Maintained SPECULATIVE OVERWEIGHT 

Price Target reduced to $3.60 from $4.00US

NT.TO Price day before: $3.44Finish day posting:$3.36Current:$2.47

NT  Price day before: $2.85 Finish day of posting:$2.94 Current:$5.58US

---------Oct 31, 2005---------

New SPECULATIVE OVERWEIGHT 

Price Target $4.50US

NT.TO Price day before: $3.81Finish day posting:$3.81Current:$2.47

NT  Price day before: $3.25 Finish day of posting:$3.21 Current:$5.58US

****************************  

Alexander Henderson ........................Citigroup..............Feb 06, 2006

Downgraded to HOLD from BUY

Price Target reduced to $3.20 from $4.00US

NT.TO Price day before: $3.56Finish day posting:$3.51Current:$2.47

NT  Price day before: $3.10 Finish day of posting:$3.06 Current:$5.58US

****************************

Scott Coleman .................Morgan Stanley..............Jan 20, 2006

Downgraded to EQUAL WEIGHT from OVERWEIGHT

NT.TO Price day before: $3.65Finish day posting:$3.46Current:$2.47

NT  Price day before: $3.12 Finish day posting:$3.01Current:$5.58US

*******************

Matthew Hoffman................ Moors & Cabot........Oct 17, 2005

Upgraded to HOLD from SELL  

NT.TO Price day before: $3.89Finish day posting:$4.10Current:$2.47

NT  Price day before: $3.30 Finish day of posting:$3.48 Current:$5.58US

-------Feb 15, 2005-----

New SELL  

Price Target $3.00US (Hit Target Feb 22, 2005)

NT.TO Price day before: $3.86Finish day posting:$3.83Current:$2.47

NT  Price day before: $3.13 Finish day of posting:$3.12 Current:$5.58US

*********************

Michael Urlocker................ UBS Warburg........July 11, 2005

Maintained NEUTRAL  

Price Target $3.00US (Hit Target Aug 08, 2005)

NT.TO Price day before: $2.89Finish day posting:$2.95Current:$2.47

NT  Price day before: $2.55 Finish day of posting:$2.61 Current:$5.58US

------May 03, 2005------------

Maintained NEUTRAL  

Price Target reduced to $2.60 from $3.25US (Hit Target May 09, 2005)

NT.TO Price day before: $2.89Finish day posting:$2.95Current:$2.47

NT  Price day before: $2.26 Finish day of posting:$2.33 Current:$5.58US

-------Mar 21, 2005-------

Maintained NEUTRAL  

Price Target reduced to $3.25 from $3.60US 

NT.TO Price day before: $3.59Finish day posting:$3.40Current:$2.47

NT  Price day before: $2.97 Finish day of posting:$2.79 Current:$5.58US

--------Feb 03, 2005----------

Maintained NEUTRAL  

Price Target $3.60US 

NT.TO Price day before: $4.00Finish day posting:$3.92Current:$2.47

NT  Price day before: $3.24 Finish day of posting:$3.17 Current:$5.58US

-------Dec 15, 2004-------

Maintained NEUTRAL  

Price Target $3.60US 

NT.TO Price day before: $4.59Finish day posting:$4.30Current:$2.47

NT  Price day before: $3.69 Finish day of posting:$3.52 Current:$5.58US

***********************************  

J Moreau .......... Robert W. Baird.......Mar 21, 2005

Maintained NEUTRAL 

Price Target reduced to $3.00 from $4.00US

NT.TO Price day before: $3.59Finish day posting:$3.40Current:$2.47

NT  Price day before: $2.97 Finish day of posting:$2.79 Current:$5.58US

-------Feb 02, 2005-------

Maintained NEUTRAL 

Price Target $4.00US

NT.TO Price day before: $4.12Finish day posting:$4.00Current:$2.47

NT  Price day before: $3.35 Finish day of posting:$3.24 Current:$5.58US

--------Dec 15, 2004------

Maintained NEUTRAL 

Price Target $4.00US

NT.TO Price day before: $4.59Finish day posting:$4.30Current:$2.47

NT  Price day before: $3.69 Finish day of posting:$3.52 Current:$5.58US

--------Sept 17, 2004--------

Maintained NEUTRAL 

Price Target $4.00US

NT.TO Price day before: $4.49Finish day posting:$4.40Current:$2.47

NT  Price day before: $3.50 Finish day of posting:$3.41 Current:$5.58US

---------June 03, 2004---------

Maintained OUTPERFORM 

Price Target $6.00US

NT.TO Price day before: $5.23Finish day posting:$5.09Current:$2.47

NT  Price day before: $3.83 Finish day of posting:$3.72 Current:$5.58US

-------Apr 29, 2004---------

Maintained OUTPERFORM 

Price Target reduced to $6.00 from $10.00US

NT.TO Price day before: $5.26Finish day posting:$5.33Current:$2.47

NT  Price day before: $4.05 Finish day of posting:$3.85 Current:$5.58US

--------March 12, 2004-----------

Maintained OUTPERFORM 

Price Target $10.00US

NT.TO Price day before: $8.40Finish day posting:$8.58Current:$2.47

NT  Price day before: $6.37 Finish day of posting:$6.43 Current:$5.58US

---------January 24, 2003---------

Upgraded to OUTPERFORM from NEUTRAL

Price Target $4.00US (Hit Target Sept 05, 2003)

NT.TO Price day before: $3.66Finish day posting:$3.90Current:$2.47

NT  Price day before: $2.40 Finish day of posting:$2.58 Current:$5.58US

**********************

Tim Daubenspeck......... Pacific Crest Securities........Feb 07, 2005

Downgraded to SECTOR PERFORM from OUTPERFORM  

NT.TO Price day before: $3.96Finish day posting:$3.92Current:$2.47

NT  Price day before: $3.17 Finish day of posting:$3.13 Current:$5.58US

***********************************  

Paul Sagawa........Bernstein.........Dec 15, 2004

Downgraded to UNDERPERFORM from MARKET PERFORM

Price Target reduced to $4.00 from $5.00US 

NT.TO Price day before: $4.59Finish day posting:$4.30Current:$2.47

NT  Price day before: $3.69 Finish day of posting:$3.52 Current:$5.58US

-------May 26, 2004-------

Downgraded to MARKET PERFORM from OUTPERFORM

Price Target reduced to $4.00 from $5.00US 

NT.TO Price day before: $4.84Finish day posting:$4.89Current:$2.47

NT  Price day before: $3.53 Finish day of posting:$3.57 Current:$5.58US

*************

PLEASE NOTE IN ORDER TO CLEAR Some SPACE most of the

the 2002 to 2004 Ratings have been removed except for the following  Analysts who outperformed the majority: The complete list can be sent by request.

 

Gina Sockolow ..... Buckingham Research..........July 27, 2004

Downgraded to UNDERPERFORM from STRONG BUY 

NT.TO Price day before: $5.40Finish day posting:$4.55Current:$2.47

NT  Price day before: $4.07 Finish day of posting:$3.42 Current:$5.58US

-------Jan 07, 2004--------

Upgraded to STRONG BUY from BUY

Price Target raised to $10.00 from $5.00C (Hit Target Jan 30, 2004)

NT.TO Price day before: $6.12Finish day posting:$7.30Current:$2.47

NT  Price day before: $4.76 Finish day of posting:$5.68 Current:$5.58US

****************************

Stephen Kamman.......CIBC World Markets....August 28, 2002

Reiterated SECTOR PERFORM 

target: reduced to$2.00 from $2.50US(Hit Target December 02, 2002)

NT.TO Price day before: $1.91Finish day posting:$1.58Current:$2.47

NT  Price day before: $1.23Finish day of posting:$1.04Current:$5.58US

------------------April 24, 2002----------------  

Reiterated Buy

target: $6.00 US (Hit Jan 2004)

NT.TO Price day before:$5.75  Finish day posting:$5.76 Current:$2.47

NT Price day before:$3.73 Finish day of posting:$3.68 Current:$5.58US

***************************

Pat Chiefalo ..... Merrill Lynch..........Apr 29, 2004

Maintained NEUTRAL

EPS est 2004: $0.12  ....2005: $0.16

NT.TO Price day before: $5.26Finish day posting:$5.33Current:$2.47

NT  Price day before: $4.05 Finish day of posting:$3.85 Current:$5.58US

------------Jan 07, 2004--------

Upgraded to BUY from NEUTRAL

Price Target $6.30US (Hit Target Jan 08, 2004)

NT.TO Price day before: $6.12Finish day posting:$7.30Current:$2.47

NT  Price day before: $4.76 Finish day of posting:$5.68 Current:$5.58US

****************************

Steven D Levy ........... Lehman Bros...........Jan 09, 2004

Maintained EQUALWEIGHT

Price Target $4.50US (Hit Target July 02, 2004)

NT.TO Price day before: $7.86Finish day posting:$7.83Current:$2.47

NT  Price day before: $6.13 Finish day of posting:$6.15 Current:$5.58US

***********************************

James P. Parmelee ..........Credit Suisse...........Jan 08, 2004

Upgraded to BUY from HOLD

Price Target raised to $6.50 from $5.00US (Hit Target Jan 13, 2004)

NT.TO Price day before: $7.30Finish day posting:$7.86Current:$2.47

NT  Price day before: $5.68 Finish day of posting:$6.13 Current:$5.58US

----------September 27, 2002----------

maintained OUTPERFORM

Target Price reduced to $1.50 from $4.00US (Hit Target Nov 21, 2002)

NT.TO Price day before: $0.89Finish day posting:$0.70Current:$2.47

NT  Price day before: $0.57Finish day of posting:$0.45 Current:$5.58US

----------June 14, 2002-------------   

maintained BUY (Hit Target Jan 07, 2004)

Reduced 12-18month target price reduced to $5.00 from $10.00US

NT.TO Price day before: $2.45Finish day posting:$2.56Current:$2.47

NT  Price day before: $1.61 Finish day of posting:$1.64 Current:$5.58US

*********************************  

Benoit Chotard ....National Bank Financial.......May 19, 2003

Maintained OUTPERFORM

Price Target  $5.00CDN(Hit Target Sept 04, 2003)  

NT.TO Price day before: $4.11Finish day posting:$3.97Current:$2.47

NT  Price day before:$3.00Finish day of posting:$2.84 Current:$5.58US

------------January 13, 2003----------

Upgraded to OUTPERFORM from SECTOR PERFORM

Price Target  $5.00CDN (Hit Target Sept 04, 2003) 

NT.TO Price day before: $3.67Finish day posting:$3.89Current:$2.47

NT  Price day before:$2.35Finish day of posting:$2.52 Current:$5.58US

------------December 03, 2002---------

Maintained SECTOR PERFORM

Price Target raised to $5.00 from $3.75CDN (Hit Target Sept 04, 2003) 

NT.TO Price day before: $3.59Finish day posting:$3.48Current:$2.47

NT  Price day before: $2.30Finish day of posting:$2.24Current:$5.58US

---------November 06, 2002------------

Maintained SECTOR PERFORM

Price Target raised to $3.75 from $2.00CDN(Hit Target Jan 13, 2003) 

NT.TO Price day before: $1.91Finish day posting:$1.58Current:$2.47

NT  Price day before: $1.23Finish day of posting:$1.04Current:$5.58US

----------August 28, 2002---------

Downgraded to HOLD from BUY

Reduced target price to $2.00 from $4.00CDN(Hit Target October 28, 2002)  

NT.TO Price day before: $1.91Finish day posting:$1.58Current:$2.47

NT  Price day before: $1.23Finish day of posting:$1.04Current:$5.58US

----------------July 19, 2002------------------

maintained BUY

Reduced target price to $4.00 from $5.00CDN (Hit Target May 05, 2003) 

NT.TO Price day before: $2.02Finish day posting:$2.00Current:$2.47

NT  Price day before:$1.31Finish day of posting:$1.20 Current:$5.58US

--------------------------June 12, 2002-------------

maintained BUY

Reduced target price to $5.00 from $11.00CDN (Hit Target Sept 04, 2003) 

NT.TO Price day before: $2.90Finish day posting:$2.64Current:$2.47

NT  Price day before: $1.85 Finish day of posting:$1.72 Current:$5.58US     

***********************************  

Chris Umiastowski .............. Yorkton Securities..............September 27, 2002

Downgraded to HOLD from ACCUMULATE

Target price reduced to $2.00 from $2.75US(Hit Target December 02, 2002)

NT.TO Price day before: $0.89Finish day posting:$0.70Current:$2.47

NT  Price day before: $0.57Finish day of posting:$0.45 Current:$5.58US

-----------June 14, 2002 -------------  

maintained ACCUMULATE

Target price reduced to $3.30 from $4.00US(Hit Target December 02, 2002)

NT.TO Price day before: $2.45Finish day posting:$2.56Current:$2.47

NT  Price day before: $1.61 Finish day of posting:$1.64 Current:$5.58US

--------------May 23, 2002-----------

Upgraded to ACCUMULATE from HOLD

Target price $4.00US (Hit Target Sept 05, 2003)

NT.TO Price day before: $3.95Finish day posting:$4.01Current:$2.47

NT  Price day before: $2.58 Finish day of posting:$2.58 Current:$5.58US

**********************

Ariane Mahler.....Dresdner Kleinwort Wasserstein....August 13, 2002

Reiterated BUY

Price Target: $4.00US (Hit Target Sept 05, 2003)

NT.TO Price day before: $1.41Finish day posting:$1.45Current:$2.47

NT  Price day before:$0.92 Finish day of posting:$0.92 Current:$5.58US

----------July 03, 2002-------------

Reiterated BUY

NT.TO Price day before: $2.23Finish day posting:$2.42Current:$2.47

NT  Price day before:$1.43 Finish day of posting:$1.58 Current:$5.58US

----------- June 28, 2002------------

Upgraded to BUY from ADD

Target price $4.00 US (Hit Target Sept 05, 2003)

NT.TO Price day before: $2.12Finish day posting:$2.20Current:$2.47

NT  Price day before:$1.40 Finish day of posting:$1.45 Current:$5.58US

---------- June 07, 2002-------------

Upgraded to ADD from SELL

Target price $4.00 US (Hit Target Sept 05, 2003)

NT.TO Price day before: $2.22Finish day posting:$2.49Current:$2.47

NT  Price day before:$1.41 Finish day of posting:$1.64 Current:$5.58US

------------- April 19, 2002----------   

downgraded to SELL from REDUCE  

target price $4.00US  

NT.TO Price day before:$6.33 Finish day posting:$6.29 Current:$2.47

NT  Price day before:$4.04  Finish day of posting:$3.97 Current:$5.58US

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