The Globe and Mail reports in its Thursday, Dec. 12, edition that Desjardins Securities analyst Chris MacCulloch calls Cenovus Energy one of his top picks for 2025. The Globe's David Leeder writes that Mr. MacCulloch rates Cenovus Energy "buy," with a $30 share target. Mr. MacCulloch says in a note: "To say that Cenovus disappointed our expectations as a top pick in 2024 would be a severe understatement. The company delivered a series of lacklustre results from its downstream manufacturing segment, which propelled a wave of negative sentiment which continues to weigh upon the stock. The results were particularly galling within the context of consistently strong operational and financial performance by the company's three largest Canadian competitors, which drove funds flow out of the stock. That said, we continue to believe the core upstream business remains fundamentally sound, underpinned by best-in-class thermal oil sands assets and an offshore segment poised to deliver robust organic production growth moving into the back half of the decade. Admittedly, we expect the manufacturing segment to continue underperforming in 2025 and have tried to factor that into our model through conservative assumptions."