The Globe and Mail reports in its Thursday edition that TD Cowen's Aaron Bilkoski, citing its "attractive" value and defensive attributes, raised PrairieSky Royalty to a "buy" from "hold." The Globe's David Leeder writes that Mr. Bilkoski continues to target the shares at $27. Analysts on average target the shares at $31.09. Mr. Bilkoski says in a note: "Given the recent share-price decline, comparably stable production/FCF and significant value tied to long-dated (in some cases perpetual) mineral ownership, we are jumping on the opportunity to upgrade PrairieSky. In our view, this is a unique opportunity to acquire shares of a defensive company that has been oversold in a risk-off macro environment. Our 'buy' recommendation reflects a combination of the company's improved valuation relative to its historical trading multiple and the E&P alternatives. Even in a lower WTI and industry spending environment, PrairieSky's production, FCF and relative valuation remain attractive. Moreover, there is a looming catalyst -- the May 14 investor day in Calgary." Mr. Bilkoski believes PrairieSky can sustain production through 2025 without additional capital expenditures, with free cash flow yield nearing its historical high.