The picks for 2012, along with a brief investment rationale:
Domtar Corp. (UFS-T) (relatively insensitive to macroeconomic conditions)
Alamos Gold Inc. (AGI-T) (a low-cost gold producer with an excellent growth profile)
Bird Construction Inc.(BDT-T) (a preferred oil sands contractor)
Eldorado Gold Corp. (ELD-T) (impressive production profile)
Fortress Paper Ltd. (FTP-T) (get ready for strong free-cash flow)
Legacy Oil & Gas Inc. (LEG-T) (recovering from a rough 2011)
Lumina Copper Corp. (LCC-X)(potential takeover candidate)
Methanex Corp.(MX-T24.73) (outlook for methanol is bright)
Secure Energy Services Inc. (SES-T) (well-positioned facilities)
Shoppers Drug Mart Corp. (SC-T) (recent selloff has created a buying opportunity).
Toronto-based Cormark Securities reaffirmed its Top Pick recommendation for Pure Energy Services (PSV:TSX) and increased its target price for the company's stock to $14.00 from $13.00. This price is based on a target multiple of 5.5x EV/EBIDTA.
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