Globe says Bouchard sees Suncor shares gaining steamSuncor Energy Inc (C:SU)
Shares Issued 1,448,680,700
Last Close 2/1/2022 $37.93
Tuesday February 1 2022 - In the News
The Globe and Mail reports in its Tuesday edition that Desjardins Securities analysts Justin Bouchard and Chris MacCulloch continue to see "deep value" in the Canadian energy sector heading into fourth quarter earnings season. The Globe's David Leeder writes in the Eye On Equities column that Mr. Bouchard has reaffirmed his "buy" call on Suncor Energy, while boosting his share target to $50 from $42. Analysts on average target the shares at $41.87. The Desjardins stockpickers say in a note: "Following a blockbuster performance in 2021, it is the same story this year for the sector. ... Factoring in the growing inflationary storm, there are few safer harbours than physical commodities. The FCF story is long and strong. Most importantly, the majority of producers are in the final innings of their respective balance sheet cleanups. In other words, short of a breakdown in capital discipline or an unexpected collapse in commodity prices, investors can count on significant capital returns through a combination of share buybacks, dividends and special dividends." The Globe reported on Jan. 7 that Credit Suisse analyst Manav Gupta continued to rate Suncor "outperform." The shares could then be had for $33.85.