ONEREIT TRUST UNITS T.ONR.UN

Recommendations for February 26, 2007 - Concorde

[investorbling]

Concorde

Breakwater Resources Ltd. | Orest Wowkodaw, CA, CFA, BWR : TSX : C$1.95 | C$750.7M | Buy , Target C$2.90 ↑

• Q4 results above estimates; 2007 guidance largely in line; Target increased to $2.90

Meridian Gold Inc. | Steven Butler, MDG : NYSE : US$30.35 | US$3,068.1M | Hold , Target US$31.50 ↓

• Reduced value of El Penon lowers target price

FNX Mining Company Inc. | Orest Wowkodaw, CA, CFA, FNX : TSX : C$20.54 | C$1,720.0M | Buy , Target C$25.00

• Q4 results slightly above estimates; 2007 guidance unchanged

sxr Uranium One Inc. | Toni Wallis, SXR : TSX : C$17.85 | C$2,534.7M | Speculative Buy , Target C$19.30

• Definitive Agreement signed for Shootaring Canyon Uranium Mill and US properties

ARC Energy Trust | Bruce McDonald, AET.UN : TSX : C$22.22 | C$4,600.0M | Buy , Target C$24.00

• Strong Q4 results are offset by what we believe will be an industry average recycle ratio

Boralex Power Income Fund | Bob Hastings, BPT.UN : TSX : C$9.89 | C$584.2M | Sell , Target C$9.00

• Results lower than expected despite strong hydrology

Open Range Energy Corp. | Wendy Liu, ONR : TSX : C$3.01 | C$59.5M | Speculative Buy , Target C$4.00

• Equity financing closed; 2007 outlook is positive; Setting C$4.00 target price

Storm Exploration Inc. | Richard Wyman, SEO : TSX : C$7.10 | C$304.7M | Buy , Target C$9.25

• Strong performance from a low-cost operator

Ixia | Joanna Makris, XXIA : NNM : US$10.99 | US$676.3M | Buy , Target US$14.00

• Numbers are in; off to the races

Airspan Networks | Joanna Makris, AIRN : NNM : US$4.81 | US$305.9M | Buy , Target US$6.00

• Q4 preview: Still in the early innings; reiterate BUY

Actelion | Karl Keegan, ATLN : SWX : CHF286 | CHF6,479.0M | Sell , Target CHF215 ↑

• 2007 guidance fine, but lacks drivers

Pharmion | David Bouchey, Ph.D., PHRM : NNM : US$28.65 | US$919.0M | Buy , Target US$47.00

• Increasing our Vidaza estimates and looking forward to Satraplatin data

UCB Group | Karl Keegan, UCB : ENXT : €49.0 | €9,087.0M | Sell , Target €46.00

• Cimzia: RA OK, Crohn's still unclear

Hansen Natural | Stephen Colbert, HANS : NNM : US$36.79 | US$3,642.2M | Buy , Target US$47.00

• Q4 preview: Expect in-line to slightly better results as Bud transition continues

CAE Inc. | Robert Fay, CAE : TSX : C$12.41 | C$3,117.4M | Sell , Target C$9.00

• Update on Aircraft Deliveries

Itron | John Quealy, ITRI : NNM : US$63.81 | US$1,640.0M | Buy , Target US$70.00

• A metering beast is unleashed