RE:RE:CANACCORD TARGET PRICE C$60; RATING BUY
Buy when the group turns, why handicap yourself into an arbitrary price target? Good Luck.
More on the Canaccord recommendation: The Globe and Mail reports in its Friday edition that Canaccord Genuity analyst Dennis Fong continues to rate Vermilion Energy ($34.02) "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Fong trimmed his share target to $60 from $65. Analysts on average target the shares at $53.58. Vermilion remains a top pick for Mr. Fong after it released "prudent and conservative" 2016 guidance on Wednesday. Mr. Fong says: "In an improving commodity price environment, the company has maintained some optionality in Canada and France but will likely direct excess funds toward debt repayment. We view the reduced budget as a prudent course of action in response to the protracted low commodity price environment." The Canaccord stockpicker says, "We believe the company represents a compelling defensive investment as management's continued track record of value creation, diverse portfolio of assets receiving global pricing, long-term growth visibility and a strong balance sheet with an adherence to capital spending prudence set the company up for strong performance in a protracted low commodity price environment." Meantime, Macquarie upgraded Vermilion to "outperform" from "neutral." 2016 Canjex Publishing Ltd. ________________________________________