Canaccord not as bullish as JT but still positiveARC Resources to HOLD (from Buy): Although we have also increased our target price on ARX from $25.00 to $27.00, we believe that the stock’s recent outperformance (ARX up ~28% ytd versus the sector at ~22%) is unlikely to be sustained in the near term. We do note, however, that we believe its long term outlook remains strong considering its breadth and depth of inventory. The company’s Attachie Phase 1 development remains on schedule to come online and ramp to full production next year, and we believe it is likely that an increase to its ~2.7% dividend would logically coincide with commissioning of that project. Our new $27.00 target price reflects a 2024E EV/DACF multiple of 6.1x and is 0.7x our updated C-NAV. ARX currently trades at 5.7x 2024E EV/DACF, compared to the peer group average of 4.4x.