The Globe and Mail reports in its Thursday, May 15, edition that Raymond James analyst Luke Davis has lowered his recommendation for Peyto Exploration and Development to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities that Mr. Davis is sticking with his $21 share target. Analysts on average target the shares at $20.07. Mr. Davis says in a note: "While Peyto posted a solid quarter and reiterated the outlook for 2025, we have downgraded the shares given a strong run since we initiated (up 18 per cent) just over a month ago. We continue to believe Peyto Exploration will perform well in a volatile macro environment but believe this is well understood and likely priced in. Operationally, the company continues to exhibit strong momentum, and we see plenty of opportunity to optimize throughput given spare processing capacity across the portfolio. Overall, we continue to like the story and believe Peyto remains well situated given its position as the lowest cost gas producer in the basin with the most robust hedge book across our coverage, though we would wait for a better entry point and see more upside potential among peers."