The Globe and Mail reports in its Tuesday, May 13, edition that Desjardins Securities analyst Chris MacCulloch has reaffirmed his "buy" recommendation for Cenovus Energy. The Globe's David Leeder writes in the Eye On Equities that Mr. MacCulloch boosted his share target by a loonie to $23.50. Analysts on average target the shares at $25.57. Mr. MacCulloch says in a note: "The company delivered impressive operational and financial performance which contributed to a 10-per-cent rally in the stock. While we are optimistic that Cenovus has recaptured operational momentum with most major turnarounds in the rear-view mirror, particularly on the downstream side, we believe several additional quarters of operational outperformance will be required to improve investor sentiment." The Globe reported on Jan. 30 and April 16 that Mr. MacCulloch rated Cenovus "buy." The shares could then be had for $21.58 and $15.81. The Globe reported on April 25 that National Bank Financial analysts continued to rate Cenovus "sector perform." The shares could then be had for $16.74.