Zarlink Semiconduct (NY:ZL) (TSE
ZL)
Overview
For over 30 years, Zarlink has delivered semiconductor solutions that drive the
capabilities of voice, enterprise, broadband and wireless communications.
Zarlink employs approximately 750 people globally. Customers include Cisco,
Samsung, Nokia, Fujitsu, Siemens, Huawei, LG, Marconi, Alcatel, NEC, Infineon,
Panasonic and Cochlear.
Business Focus
Network Communications: Carriers and service providers are transitioning
from a circuit-switched to a packet-based infrastructure. Zarlink’s expertise
in timing and synchronization, packet processing, IP/Ethernet switching, TDM
(time-division multiplex) switching, and voice processing helps navigate the
complexities of converging networks.
Ultra Low-Power Communications: Zarlink is a leading supplier of customized ICs, digital signal processors and RF chips for cardiac pacemakers and hearing aids. Our new ultra low-power RF (radio frequency) platform is driving a range of advanced healthcare products, including the world’s only swallowable camera capsule, as well as battery-powered, wireless communications devices.
Optical Communications: Zarlink develops innovative optical solutions for high-bandwidth interconnect, industrial, security, military and avionics markets. The company’s highly integrated, standards-based and custom optical products are known for their reliability and flexibility.
Research &
Development
Zarlink holds a strong portfolio of intellectual property, numbering about 2,100
patents and pending applications in key technologies such as voice and packet
processing, optical, RF, and digital design. In Fiscal 2005, R&D spending
was US$65 million, or 30% of revenue.
Recent News:
Zarlink Releases Fourth Quarter and Fiscal 2007 Results
Devan Moodley ........... Scotia Capital ……June 04, 2007
Maintained OUTPERFORM
Price Target reduced to $2.90 from $3.25C
ZL Price day before:$1.76 Finish day of posting:$1.80Current:$1.80US
ZL.TO Price day before:$1.87Finish day posting$1.91Current:$1.91
---------Nov 08, 2006---------
Maintained OUTPERFORM
Price Target reduced to $3.30 from $3.70C
ZL Price day before:$2.03 Finish day of posting:$2.05Current:$1.80US
ZL.TO Price day before:$2.30Finish day posting$2.31Current:$1.91
------------July 26, 2006------------
Upgraded to OUTPERFORM from SECTOR PERFORM
Price Target raised to $4.00 from $3.60C
ZL Price day before:$2.22 Finish day of posting:$2.29Current:$1.80US
ZL.TO Price day before:$2.54Finish day posting$2.57Current:$1.91
--------May 24, 2006----------
Maintained SECTOR PERFORM
Price Target raised to $3.60 from $3.40C
ZL Price day before:$2.52 Finish day of posting:$2.40Current:$1.80US
ZL.TO Price day before:$2.80Finish day posting$2.71Current:$1.91
--------Apr 03, 2006---------
Downgraded to SECTOR PERFORM from OUTPERFORM
Price Target $3.40C
ZL Price day before:$2.95 Finish day of posting:$2.87Current:$1.80US
ZL.TO Price day before:$3.42Finish day posting$3.35Current:$1.91
--------Jan 25, 2006---------
Maintains SECTOR OUTPERFORM
Price Target raised to $3.40 from $3.00C (Target Hit Mar 31, 2006)
ZL Price day before:$2.14 Finish day of posting:$2.19Current:$1.80US
ZL.TO Price day before:$2.45Finish day posting$2.54Current:$1.91
***********
Susan Streeter...........Cormark........May 25, 2007
Price Target reduced to $2.00 from $2.50US
ZL Price day before:$1.92 Finish day of posting:$1.84Current:$1.80US
ZL.TO Price day before:$2.10Finish day posting$1.98Current:$1.91
--------Oct 20, 2006--------
Downgraded to MARKET PERFORM from BUY
Price Target reduced to $2.80 from $2.95US
ZL Price day before:$2.48 Finish day of posting:$2.12Current:$1.80US
ZL.TO Price day before:$2.82Finish day posting$2.39Current:$1.91
------May 24, 2006-----
Upgraded to BUY from MARKET PERFORM
Price Target raised to $2.95 from $2.50US
ZL Price day before:$2.52 Finish day of posting:$2.40Current:$1.80US
ZL.TO Price day before:$2.80Finish day posting$2.71Current:$1.91
-------Jan 25, 2006-------
Downgraded to MARKET PERFORM from SPECULATIVE BUY
Price Target raised to $2.50 from $2.00US (Target Hit Mar 06, 2006)
ZL Price day before:$2.14 Finish day of posting:$2.19Current:$1.80US
ZL.TO Price day before:$2.45Finish day posting$2.54Current:$1.91
***********
Tom Astle ........... Bank National……May 24, 2007
Price Target reduced to $1.75 from $2.50US
ZL Price day before:$2.07 Finish day of posting:$1.92Current:$1.80US
ZL.TO Price day before:$2.25Finish day posting$2.10Current:$1.91
-------May 24, 2006----------
Price Target raised to $2.75 from $2.50US
ZL Price day before:$2.52 Finish day of posting:$2.40Current:$1.80US
ZL.TO Price day before:$2.80Finish day posting$2.71Current:$1.91
-------Jan 25, 2006--------
Maintains OUTPERFORM
Price Target raised to $2.50 from $2.00US (Target Hit Mar 06, 2006)
ZL Price day before:$2.14 Finish day of posting:$2.19Current:$1.80US
ZL.TO Price day before:$2.45Finish day posting$2.54Current:$1.91
***********
Bruce Krugel .............Blackmont Capital .……Mar 22, 2007
Maintained BUY
ZL Price day before:$2.17 Finish day of posting:$2.15Current:$1.80US
ZL.TO Price day before:$2.49Finish day posting$2.48Current:$1.91
-------Oct 20, 2006--------
Maintained BUY
Price Target reduced to $3.60 from $4.00C
ZL Price day before:$2.48 Finish day of posting:$2.12Current:$1.80US
ZL.TO Price day before:$2.82Finish day posting$2.39Current:$1.91
------Sept 11, 2006----------
Maintained BUY
ZL Price day before:$2.10 Finish day of posting:$2.01Current:$1.80US
ZL.TO Price day before:$2.34Finish day posting$2.24Current:$1.91
-----July 12, 2006----------
Maintained BUY
ZL Price day before:$2.20 Finish day of posting:$2.17Current:$1.80US
ZL.TO Price day before:$2.52Finish day posting$2.44Current:$1.91
-------May 24, 2006---------
Maintained BUY
Price Target raised to $4.00 from $3.40C
ZL Price day before:$2.52 Finish day of posting:$2.40Current:$1.80US
ZL.TO Price day before:$2.80Finish day posting$2.71Current:$1.91
------Jan 25, 2006-------
Maintained BUY
Price Target raised to $3.40 from $2.80C (Target Hit Mar 31, 2006)
ZL Price day before:$2.14 Finish day of posting:$2.19Current:$1.80US
ZL.TO Price day before:$2.45Finish day posting$2.54Current:$1.91
-------Nov 28, 2005------
Maintained HOLD
Price Target raised to $2.40 from $2.05C (Target Hit Dec 22, 2005)
ZL Price day before:$1.82 Finish day of posting:$1.81Current:$1.80US
ZL.TO Price day before:$2.16Finish day posting$2.13Current:$1.91
--------Sept 19, 2005-------
Upgraded to HOLD from SELL
ZL Price day before:$1.42 Finish day of posting:$1.41Current:$1.80US
ZL.TO Price day before:$1.69Finish day posting$1.63Current:$1.91
First Associates.……June 29, 2005
Maintained SELL
ZL Price day before:$1.31 Finish day of posting:$1.31Current:$1.80US
ZL.TO Price day before:$1.62Finish day posting$1.60Current:$1.91
-----May 19, 2005--------
Downgraded to SELL from HOLD
ZL Price day before:$1.55 Finish day of posting:$1.41Current:$1.80US
ZL.TO Price day before:$1.97Finish day posting$1.76Current:$1.91
------Apr 08, 2005-------
New HOLD
ZL Price day before:$1.53 Finish day of posting:$1.52Current:$1.80US
ZL.TO Price day before:$1.88Finish day posting$1.88Current:$1.91
************
Jon Hwkawy........... Research Capital……Oct 20, 2006
Maintained BUY
Price Target reduced $3.75US
ZL Price day before:$2.48 Finish day of posting:$2.12Current:$1.80US
ZL.TO Price day before:$2.82Finish day posting$2.39Current:$1.91
**********
Horst Hueniken…Westwind Partners…Oct 20, 2006
Price Target reduced to $3.00 from $3.65US
ZL Price day before:$2.48 Finish day of posting:$2.12Current:$1.80US
ZL.TO Price day before:$2.82Finish day posting$2.39Current:$1.91
**********
Paul Howbold........... Desjardins Securities……Oct 20, 2006
Maintained SELL
Price Target $2.00C
ZL Price day before:$2.48 Finish day of posting:$2.12Current:$1.80US
ZL.TO Price day before:$2.82Finish day posting$2.39Current:$1.91
------May 24, 2006------------
Maintained SELL
Price Target raised to $2.00 from $1.75C
ZL Price day before:$2.52 Finish day of posting:$2.40Current:$1.80US
ZL.TO Price day before:$2.80Finish day posting$2.71Current:$1.91
------Jan 25, 2006--------
Maintained SELL
Price Target raised to $1.75 from $1.50C
ZL Price day before:$2.14 Finish day of posting:$2.19Current:$1.80US
ZL.TO Price day before:$2.45Finish day posting$2.54Current:$1.91
***********
Greg Reid ........... Wellington West Capital ……June 28, 2006
Upgraded to STRONG BUY from BUY
ZL Price day before:$1.97 Finish day of posting:$2.22Current:$1.80US
ZL.TO Price day before:$2.21Finish day posting$2.48Current:$1.91
-------Jan 25, 2006-----------
Maintained BUY
Price Target raised to $3.00US (Target Hit Mar 31, 2006)
ZL Price day before:$2.14 Finish day of posting:$2.19Current:$1.80US
ZL.TO Price day before:$2.45Finish day posting$2.54Current:$1.91
---------Jan 12, 2006-------
Downgraded to BUY from STRONG BUY
ZL Price day before:$2.26 Finish day of posting:$2.21Current:$1.80US
ZL.TO Price day before:$2.61Finish day posting$2.57Current:$1.91
*************
Andrew Lee ..............TD Newcrest……...May 24, 2006
Upgraded to BUY from HOLD
Price Target $3.25US
Price Target $3.75C
ZL Price day before:$2.52 Finish day of posting:$2.40Current:$1.80US
ZL.TO Price day before:$2.80Finish day posting$2.71Current:$1.91
--------Apr 03, 2006-------
Maintained HOLD
Price Target raised to $3.25 from $2.25US
Price Target raised to $3.75 from $2.60C
ZL Price day before:$2.95 Finish day of posting:$2.87Current:$1.80US
ZL.TO Price day before:$3.42Finish day posting$3.35Current:$1.91
-------Jan 25, 2006--------
Maintained HOLD
Price Target $2.25US
Price Target $2.60C
ZL Price day before:$2.17 Finish day of posting:$1.63Current:$1.80US
ZL.TO Price day before:$2.66Finish day posting$2.00Current:$1.91
---------Jan 04, 2006-------
Downgraded to HOLD from SPECULATIVE BUY
Price Target raised to $2.25 from $2.00US
Price Target raised to $2.60 from $2.30C
ZL Price day before:$2.07 Finish day of posting:$2.06Current:$1.80US
ZL.TO Price day before:$1.69Finish day posting$1.63Current:$1.91
-------May 02, 2005------
Upgraded to SPECULATIVE BUY from HOLD
Price Target $2.00US (Target Hit Dec 15, 2005)
Price Target $2.50C
ZL Price day before:$1.38 Finish day of posting:$1.32Current:$1.80US
ZL.TO Price day before:$1.71Finish day posting$1.65Current:$1.91
--------Feb 18, 2005------
Maintained HOLD
Price Target reduced to $2.00 from $2.30US (Target Hit)
ZL Price day before:$1.84 Finish day of posting:$1.87Current:$1.80US
ZL.TO Price day before:$2.27Finish day posting$2.31Current:$1.91
--------Jan 27, 2005--------
Maintained HOLD
Price Target reduced to $2.30 from $2.80US
ZL Price day before:$2.17 Finish day of posting:$1.63Current:$1.80US
ZL.TO Price day before:$2.66Finish day posting$2.00Current:$1.91
------Dec 08, 2004------
Maintained HOLD
Price Target reduced to $2.80 from $3.00US
Price Target reduced to $3.35 from $3.75Cdn
ZL Price day before:$2.66 Finish day of posting:$2.72Current:$1.80US
ZL.TO Price day before:$3.24Finish day posting$3.25Current:$1.91
-------Oct 21, 2004------------
Downgraded to HOLD from BUY
Price Target reduced to $3.00 from $4.00US
Price Target reduced to $3.75 from $5.00Cdn
ZL Price day before:$2.93 Finish day of posting:$2.78Current:$1.80US
ZL.TO Price day before:$3.75Finish day posting$3.43Current:$1.91
------Oct 19, 2004------
Maintained BUY
Price Target reduced to $4.00 from $4.40US
Price Target reduced to $5.00 from $5.50Cdn
ZL Price day before:$2.98 Finish day of posting:$2.94Current:$1.80US
ZL.TO Price day before:$3.77Finish day posting$3.69Current:$1.91
------July 22, 2004------
Maintained BUY
Price Target reduced to $4.40 from $5.00US
Price Target reduced to $5.80 from $6.60Cdn
ZL Price day before:$3.45 Finish day of posting:$3.60Current:$1.80US
ZL.TO Price day before:$4.56Finish day posting$4.74Current:$1.91
---------May 20, 2004---------
Maintained BUY
Price Target $5.00US
Price Target $6.85Cdn
ZL Price day before:$3.51 Finish day of posting:$3.64Current:$1.80US
ZL.TO Price day before:$4.80Finish day posting$4.95Current:$1.91
-------Mar 12, 2004------
New BUY
Price Target $4.75US
Price Target $6.30Cdn
ZL Price day before:$3.90 Finish day of posting:$3.95Current:$1.80US
ZL.TO Price day before:$5.10Finish day posting$5.28Current:$1.91
*****************************
Steven Arthur ........... RBC Capital Markets ……May 24, 2006
Maintained SECTOR PERFORM
Price Target raised to $2.70 from $2.40US
ZL Price day before:$2.52 Finish day of posting:$2.40Current:$1.80US
ZL.TO Price day before:$2.80Finish day posting$2.71Current:$1.91
--------Jan 25, 2006--------
Maintained SECTOR PERFORM
Price Target raised to $2.40 from $2.00US (Target Hit Mar 06, 2006)
ZL Price day before:$2.14 Finish day of posting:$2.19Current:$1.80US
ZL.TO Price day before:$2.45Finish day posting$2.54Current:$1.91
***********
Sara Kim ........... Raymond James ……Jan 25, 2006
Upgraded to OUTPERFORM from MARKET PERFORM
Price Target raised to $2.75 from $1.85US (Target Hit Mar 28, 2006)
ZL Price day before:$2.14 Finish day of posting:$2.19Current:$1.80US
ZL.TO Price day before:$2.45Finish day posting$2.54Current:$1.91
*************
Brian Piccioni ........... BMO Nesbitt Burns……Jan 25, 2006
Maintained MARKET PERFORM
Price Target raised to $2.50 from $2.25C
ZL Price day before:$2.14 Finish day of posting:$2.19Current:$1.80US
ZL.TO Price day before:$2.45Finish day posting$2.54Current:$1.91
-------Jan 24, 2006----------
Downgraded to MARKET PERFORM from OUTPERFORM
Price Target $2.25C
ZL Price day before:$2.16 Finish day of posting:$2.14Current:$1.80US
ZL.TO Price day before:$2.48Finish day posting$2.45Current:$1.91
----------January 27, 2005----------
Downgraded to UNDERPERFORM from OUTPERFORM
Price Target $1.30US (Target Hit Apr 25, 2005)
ZL Price day before:$2.17 Finish day of posting:$1.63Current:$1.80US
ZL.TO Price day before:$2.66Finish day posting$2.00Current:$1.91
*****************************
David Hodgson ...........Orion Securities.....Jan 28, 2005
Upgraded to OVERWEIGHT from UNDERWEIGHT
Price Target $2.30US (Target Hit Mar 01, 2006)
ZL Price day before:$1.63 Finish day of posting:$1.74Current:$1.80US
ZL.TO Price day before:$2.16Finish day posting$2.10Current:$1.91
------Jan 27, 2005--------
Maintained UNDERWEIGHT
Price Target reduced to $2.30 from $2.75US
ZL Price day before:$2.17 Finish day of posting:$1.63Current:$1.80US
ZL.TO Price day before:$2.66Finish day posting$2.00Current:$1.91
-------Jan 20, 2005------
Maintained UNDERWEIGHT
Price Target $2.75US
ZL Price day before:$2.24 Finish day of posting:$2.20Current:$1.80US
ZL.TO Price day before:$2.75Finish day posting$2.73Current:$1.91
----Dec 08, 2004--------
New UNDERWEIGHT
Price Target $2.75US
ZL Price day before:$2.66 Finish day of posting:$2.72Current:$1.80US
ZL.TO Price day before:$3.24Finish day posting$3.25Current:$1.91
************
Mike Urlocker ..................UBS……...Jan 31, 2005
Maintained BUY
Price Target reduced to $2.10 from $4.00US (Target Hit Dec 23, 2005)
ZL Price day before:$1.74 Finish day of posting:$1.71Current:$1.80US
ZL.TO Price day before:$3.75Finish day posting$3.43Current:$1.91
-------Oct 21, 2004--------
Maintained BUY
Price Target $4.00US
ZL Price day before:$2.93 Finish day of posting:$2.78Current:$1.80US
ZL.TO Price day before:$3.75Finish day posting$3.43Current:$1.91
------Mar 08, 2004--------
Upgraded to BUY from NEUTRAL
Price Target raised to $5.25 from $3.30US
ZL Price day before:$3.95 Finish day of posting:$3.93Current:$1.80US
ZL.TO Price day before:$5.26Finish day posting$5.23Current:$1.91
----------Oct 31, 2003-------
Upgraded to NEUTRAL from REDUCE
Price Target reduced to $3.30 from $3.50US (Hit Target)
ZL Price day before:$3.18 Finish day of posting:$3.06Current:$1.80US
ZL.TO Price day before:$4.19Finish day posting$4.08Current:$1.91
---------Sept 24, 2003---------
Downgraded to REDUCE from NEUTRAL
Price Target $3.50US (Hit Target Oct 17, 2003)
ZL Price day before:$5.09 Finish day of posting:$4.28Current:$1.80US
ZL.TO Price day before:$6.88Finish day posting$5.75Current:$1.91
***************************
Jonathan Hykawy ...........Fraser Mackenzie Capital.....Jan 10, 2005
Upgraded to STRONG BUY
Price Target $3.80US
ZL Price day before:$2.35 Finish day of posting:$2.33Current:$1.80US
ZL.TO Price day before:$2.90Finish day posting$2.85Current:$1.91
************
Sandy Harrison ............. Pacific Growth.………Oct 21, 2004
Downgraded to EQUALWEIGHT from OVERWEIGHT
ZL Price day before:$2.93 Finish day of posting:$2.78Current:$1.80US
ZL.TO Price day before:$3.75Finish day posting$3.43Current:$1.91
-------Apr 05, 2004---------
Upgraded to OVERWEIGHT from EQUALWEIGHT
ZL Price day before:$3.94 Finish day of posting:$4.08Current:$1.80US
ZL.TO Price day before:$5.16Finish day posting$5.34Current:$1.91
------June 13, 2003------
New EQUALWEIGHT
ZL Price day before:$5.17 Finish day of posting:$5.06Current:$1.80US
ZL.TO Price day before:$6.95Finish day posting$6.84Current:$1.91
********************************************************
Bruce Krugel ........... Research Capital….......July 22, 2004
Maintained BUY
Price Target reduced to $5.00 from $7.50 US
Price Target reduced to $6.75 from$10.00Cdn
ZL Price day before:$3.45 Finish day of posting:$3.60Current:$1.80US
ZL.TO Price day before:$4.56Finish day posting$4.74Current:$1.91
-------May 07, 2004---------
Maintained BUY
Price Target $7.50 US
Price Target $10.00Cdn
ZL Price day before:$3.85 Finish day of posting:$3.74Current:$1.80US
ZL.TO Price day before:$5.33Finish day posting$5.03Current:$1.91
-------Mar 23, 2004-------
Maintained BUY
Price Target $7.60 US
Price Target $10.00Cdn
ZL Price day before:$3.45 Finish day of posting:$3.49Current:$1.80US
ZL.TO Price day before:$4.64Finish day posting$4.64Current:$1.91
---------Jan 22, 2004----------
Maintained BUY
Price Target raised to $7.60 from $3.50US
Price Target raised to $10.00 from $4.90Cdn
ZL Price day before:$4.50 Finish day of posting:$4.10Current:$1.80US
ZL.TO Price day before:$5.70Finish day posting$5.20Current:$1.91
-----------October 28, 2003--------
Upgraded to BUY from REDUCE
Price Target $3.50US (Hit Target Jan 05, 2004)
Price Target $4.90Cdn (Hit Target Jan 07, 2004)
ZL Price day before:$2.66 Finish day of posting:$2.95Current:$1.80US
ZL.TO Price day before:$3.50Finish day posting$3.90Current:$1.91
---------Oct 17, 2003----------
Maintained REDUCE
Price Target reduced to $3.50 from $4.00US (Hit Target)
Price Target reduced to $4.90 from $5.60 Cdn (Hit Target)
ZL Price day before:$4.09 Finish day of posting:$3.12Current:$1.80US
ZL.TO Price day before:$5.35Finish day posting$4.10Current:$1.91
---------Sept 24, 2003-------
Downgraded to REDUCE from HOLD
Price Target reduced to $4.00 from $4.30US (Hit Target)
Price Target reduced to $5.60 from $6.20Cdn (Hit Target)
ZL Price day before:$5.09 Finish day of posting:$4.28Current:$1.80US
ZL.TO Price day before:$6.88Finish day posting$5.75Current:$1.91
----------July 17, 2003-------------
Maintained HOLD
Price Target reduced to $4.30 from $6.00 US (Hit Target)
Price Target reduced to $6.20 from $8.10Cdn (Hit Target)
EPS est Reduced 2004: to ($0.12) from $0.01..2005 to $0.21 from $0.27
ZL Price day before:$4.36 Finish day of posting:$4.10Current:$1.80US
ZL.TO Price day before:$6.00Finish day posting$5.75Current:$1.91
---------July 09, 2003--------
Downgraded to HOLD from BUY
Price Target $6.00US
Price Target reduced to $7.10 from $8.80Cdn
ZL Price day before:$5.60 Finish day of posting:$5.63Current:$1.80US
ZL.TO Price day before:$7.70Finish day posting$7.70Current:$1.91
********************************************************
Chris Umiastowski ...........Orion Securities.....July 22, 2004
Maintained OVERWEIGHT
Price Target $5.00US
ZL Price day before:$3.45 Finish day of posting:$3.60Current:$1.80US
ZL.TO Price day before:$4.56Finish day posting$4.74Current:$1.91
--------May 07, 2004----------
Maintained OVERWEIGHT
Price Target $5.00US
ZL Price day before:$3.85 Finish day of posting:$3.74Current:$1.80US
ZL.TO Price day before:$5.33Finish day posting$5.03Current:$1.91
********************************************************
Dennis dos Santos ............. First Associates.……May 20, 2004
Maintained HOLD
Price Target $5.50C
ZL Price day before:$3.51 Finish day of posting:$3.64Current:$1.80US
ZL.TO Price day before:$4.80Finish day posting$4.95Current:$1.91
-------May 07, 2004--------
Maintained HOLD
Price Target $5.50C
ZL Price day before:$3.85 Finish day of posting:$3.74Current:$1.80US
ZL.TO Price day before:$5.33Finish day posting$5.03Current:$1.91
--------Apr 28, 2004--------
Maintained HOLD
ZL Price day before:$4.17 Finish day of posting:$3.77Current:$1.80US
ZL.TO Price day before:$5.66Finish day posting$5.22Current:$1.91
********************************************************
Greg Reid ........... Dlouhy Merchant……January 20, 2004
Upgraded to BUY from REDUCE
Price Target raised to $6.00 from $3.50US
ZL Price day before:$4.37 Finish day of posting:$4.76Current:$1.80US
ZL.TO Price day before:$6.20Finish day posting$6.10Current:$1.91
----------Sept 24, 2003----------
Downgraded to REDUCE from HOLD
Price Target $3.50US (Hit Target Oct 17, 2003)
ZL Price day before:$5.09 Finish day of posting:$4.28Current:$1.80US
ZL.TO Price day before:$6.88Finish day posting$5.75Current:$1.91
--------July 16, 2003----------
Maintained HOLD
Price Target reduced to $4.50 from $5.50 US (Hit Target)
ZL Price day before:$4.76 Finish day of posting:$4.36Current:$1.80US
ZL.TO Price day before:$6.65Finish day posting$6.00Current:$1.91
********************************************************
Tom Astle ........... Bank National…….....Oct 17, 2003
Maintained SECTOR PERFORM
Price Target reduced to $6.00 from $7.00Cdn
ZL Price day before:$4.09 Finish day of posting:$3.12Current:$1.80US
ZL.TO Price day before:$5.35Finish day posting$4.10Current:$1.91
----------Sept 24, 2003--------
Downgraded to SECTOR PERFORM from OUTPERFORM
Price Target reduced to $5.00 from $7.00US
Price Target reduced to $7.00 from $10.00Cdn
ZL Price day before:$5.09 Finish day of posting:$4.28Current:$1.80US
ZL.TO Price day before:$6.88Finish day posting$5.75Current:$1.91
--------September 08, 2002-----------
Upgraded to OUTPERFORM from SECTOR PERFORM
Price Target raised to $7.00 from $5.00US
Price Target raised to $10.00Cdn
EPS est 2004: ($0.09) ..2005 $0.21
ZL Price day before:$5.13 Finish day of posting:$5.50Current:$1.80US
ZL.TO Price day before:$6.95Finish day posting$7.64Current:$1.91
---------June 19, 2003--------
Maintained SECTOR PERFORM
Price Target raised to $5.00US
Price Target raised to $7.25Cdn
ZL Price day before:$5.43 Finish day of posting:$5.30Current:$1.80US
ZL.TO Price day before:$7.20Finish day posting$7.03Current:$1.91
********************************************************
James Jungjohann ........ CIBC Wrld Mkts....October 10, 2002
Upgraded to SECTOR PERFORM from SECTOR UNDERPERFORM
ZL Price day before:$1.37 Finish day of posting:$1.45Current:$1.80US
ZL.TO Price day before:$2.16Finish day posting$2.36Current:$1.91
***************** ********************
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