The Globe and Mail reports in its Thursday, Dec. 7, edition that Desjardins Securities analyst Chris MacCulloch has reaffirmed his "buy" recommendation for Cenovus Energy. The Globe's David Leeder writes that Mr. MacCulloch shaved his share target back by a loonie to $34.50. Analysts on average target the shares at $33.12. Mr. MacCulloch says in a note: "We believe that headwinds can (and will) turn into tailwinds given that the past misfortunes were not structural in nature. In fact, with a slew of upstream growth projects currently in the pipeline, including the Sunrise optimization project and the return of the Terra Nova FPSO (10 mboe/d), we expect production to begin hitting full stride in 2024, with operational momentum moving into the late 2020s. Furthermore, reconciliation of past events provides greater understanding of a discounted stock valuation which is now far too lucrative to ignore, in our view. For reference, the stock is currently trading at an estimated 2025 EV/DACF [enterprise value to debt-adjusted cash flow] multiple of 4.7 times at strip prices, a significant discount vs its oil-weighted large-cap peers (6.4 times) while offering a 10.6-per-cent FCF yield (vs peers at 9.3 per cent)."