The Globe and Mail reports in its Wednesday, Oct. 2, edition that after updating their commodity price forecasts for the third quarter, as well as for 2024 and 2025, analysts at TD Cowen made significant changes to their natural gas expectations. The Globe's David Leeder writes in the Eye On Equities column that the TD Cowen analysts kept their oil price forecast unchanged but lowered their 2025 cash flow per share projections by an average of 3 per cent for the companies they cover. As a result, they also reduced their share target prices by 4 per cent. The TD analysts cut their share target for "buy"-rated Canadian Natural Resources to $56 from $60. Analysts on average target the shares at $54.68. "Buy"-rated Suncor was boosted to $60 from $59. Analysts on average target the shares at $60.12. The TD analysts lowered their share target for Cenovus Energy, which they rate "hold," to $31 from $33. Analysts on average target the shares at $32.95.
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