Raymond James Upgrade and Share Price Target IncreaseWhitecap Resources Inc. | WCP-TSX | price C$7.55 | Strong Buy
Upgrade from Outperform to Strong Buy. Target price changes from C$12.00 to C$12.50.
Summary:
♦ Although Canadian E&P sentiment remains low as AECO and heavy oil differentials languish, Canadian light oil prices are still showing strength at ~C$70/bbl. For Canadian energy investors, there are very few light oil, high capital return operators where valuation still remains attractive. As the reserve report shows, there are a number of positive nuances that should help regain confidence with investors. Add in low debt and attractive valuation and the company has all the variables in place to be a top tier performing name for 2018. Upgrading to Strong Buy.