The Globe and Mail reports in its Thursday, May 30, edition that Raymond James analyst Michael Barth resumed coverage on Cenovus Energy with an "outperform" recommendation and $33 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $33.33. Mr. Barth says in a note: "We use the term 'top pick' loosely, but that spot is reserved for Cenovus, where our analysis suggests that the current stock price reflects an embedded long-term WTI price of $60 (U.S.)/bbl. That's lower than the other four businesses in our large cap coverage universe, and the only embedded price below long-term strip. In our view, there are a number of positive idiosyncratic changes happening at Cenovus that the market doesn't appear to fully appreciate. To be clear, Cenovus is far from what we'd consider a pound-the-table idea. Even still, with the highest relative production growth, improvements being made in the refining business, more than 30 years of 2P reserves, and reasonably attractive free cash flow yield, we think Cenovus offers the best value in this space. In the game of inches, Cenovus inches ahead."