Globe says Bagnell hikes Suncor Energy to "outperform" 2016-10-28 06:35 ET - In the News
The Globe and Mail reports in its Friday, Oct. 28, edition that Macquarie analyst Brian Bagnel calls Suncor Energy's third quarter beat "high quality." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bagnell upgraded the stock to "outperform" from "neutral." Mr. Bagnell boosted his share target to $47 from $44.50. Analysts on average target the shares at $42.50. On Wednesday after market, Suncor reported cash flow per share of $1.22, topping the consensus projection of $1.08. Elsewhere, BMO Nesbitt Burns analyst Randy Ollenberger increased his target to $45 from $42 with a rating of "outperform" (unchanged), calling the results "strong." Mr. Ollenberger says in a note: "Suncor remains one of our top recommendations based on its valuation and compelling investment attributes: predictable, organic production growth, visibility to free cash flow in a low oil price environment, best-in-class downstream business, and a strong balance sheet. At current prices, Suncor is trading at a 2017 estimated enterprise value/EBITDA multiple of 6.9x, which is among the most attractive among its peers." Raymond James analyst Chris Cox continues to rate the shares "outperform."