Canaccord Adams Picks Stocks for a Volatile Market

Canaccord Adams has unveiled its top stock market picks for the current volatile market conditions. All firms have fallen more than 50% from their peak, offer good growth potential, have at least two years of cash funding availability on hand, have or are about to have a positive cash flow and are large and liquid.

Among the top picks is EnCana Corp. (ECA), Cannacord says is positioned in several emerging natural gas resource plays that will support long-term growth. Others include Fairborne Energy (FAIRF.PK), which is able to fund its capital program and is expecting growth from emerging resource plays; and Suncor Energy (SU), which is the most experienced oilsands operator and based on current commodity prices, is expected to generate C$5-billion in cash flow in 2009. Canaccord say Potash Corp. (POT), which is down 65% from its peak in mid June, is another good buy because it is a solid company and does not require funding.

Top Picks (alphabetical order): 

• Aecon Group Inc. (AEGXF.PK) - Buy C$7.65, target price C$12.75
• Baytex Energy (BTE) - Buy C$20.41, target price C$26.00
• Boardwalk REIT (BOWFF.PK) - Buy C$25.02, target price C$50.00
• Carmanah Res Ltd. (CMHRF.PK) - Buy C$0.64, target price C$2.60
• EnCana Corp. - Buy C$59.90, target price C$65.00
• Fairborne Energy Ltd. - Buy C$6.91, target price C$13.00
• Finning International (FINGF.PK) - Buy C$15.03, target price C$20.50
• FNX Mining Company Inc. (FNXMF.PK) - Buy C$4.88, target price C$10.00
• HudBay Minerals (HBMFF.PK) - Buy C$5.44, target price C$10.00
• IAMGOLD Corp. (IAG) - Buy C$4.13
• Jazz Air Income Fund (JAARF.PK) - Buy C$4.13, target price C$8.20
• Kinross Gold Corporation (KGC) - Buy C$13.24
• Nexen Inc. (NXY) - Buy C$19.21, target price C$32.00
• Potash Corp. (POT) - target price C$150.00
• Quadra Mining Ltd. (QADMF.PK) - Buy C$5.00, target price C$11.50
• Sandvine Corp. (SNVNF.PK) - Speculative Buy C$0.80, target price C$1.50
• Stantec Inc. (SXC) - Buy C$19.77, target price C$35.00
• Suncor Energy Inc. - Buy C$28.29, target price C$54.00
• Trinidad Drilling Ltd. (TDGCF.PK) - Buy C$6.65, target price C$12.00