Initial ReactionsA particularly impressive target from NB given that they recently lowered their targets on almost every energy company within their coverage. GLTA
National Bank Financial’s Dan Payne hiked his Spartan Delta Corp. (SDE-X) target to $22.50, above the $19.05 average, from $20 with an “outperform” rating, while Raymond James’ Jeremy McCrea raised his target to $16 from $15 with an “outperform” rating.
“Another solid quarter that continues to validate the strength of the consolidated asset base and its resonant value prospects, in association with which, and in comparison to the peers, we are compelled to increase our target multiple to the peer group average (approximately 4.0 times), and which drives an
increased target price of $22.50 per share, as one of the best risk/reward propositions in the group offering 79-per-cent implied upside to current trading,” he said.