The Globe and Mail reports in its Tuesday, Nov. 25, edition that Desjardins Securities analyst Chris MacCulloch has upgraded Peyto Exploration & Development to "buy" from "hold." The Globe's David Leeder writes that Mr. MacCulloch bumped his share target ahead by a loonie to $24.50. Analysts on average target the shares at $22.82. Mr. MacCulloch says in a note: "Since our July, 2023, note, Peyto has delivered a colossal 87-per-cent return, significantly outperforming the S&P/TSX Capped Energy Index return of 29 per cent (excluding dividends). Simply put, we got this call wrong and we believe there's no better time to get off a bad call than the present! Our initial bearish thesis stemmed from balance sheet sustainability concerns, specifically the company's ability to moderate debt levels while funding the large dividend commitment in a softer natural gas price environment. However, the acquisition of Repsol Canada has proven to be a game changer for Peyto by unlocking synergies through the successful integration and optimization of the expanded asset base. ... Going forward, we see natural gas market fundamentals rapidly improving and we believe Peyto is poised to benefit, despite its active hedge book."