The Globe and Mail reports in its Friday, Feb. 21, edition that after yet another lacklustre quarter from its downstream operations, National Bank Financial analyst Travis Wood has lowered his recommendation for Cenovus Energy from "outperform" to "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Wood is concerned with the effects of managerial instability following a series of leadership changes. Mr. Wood gave his share target a $3 trim to $25. Analysts on average target the shares at $29.44. Mr. Wood says in a note: "Although we don't believe material downstream value is embedded in today's share price, we view this as fair, and we believe that until the company can deliver consistent and positive margin capture, the stock will continue to lag its peers and remain range bound under our current assumptions and estimates. ... [We] have growing concerns around the culture now that as many as four to five members of senior management have departed over the last six months or so. As margin capture improves and the management transition and integration evolves with no cultural or operational disruptions, we see meaningful upside potential to today's equity value."