Morgan Stanley analyst Devin McDermott reaffirmed an Equal Weight rating on Suncor Energy and lowered the price target from $65.37 to $64.66, still implying more than 18% upside. The revision follows a dip in oil prices after a memorandum of understanding between Iran and the United States was announced on June 14, with West Texas Intermediate returning to pre-conflict levels. Earlier in June, Goldman Sachs downgraded Suncor from Buy to Neutral with a $72 target, citing limited upside after the stock roughly doubled since 2023 under CEO Rich Kruger's operational turnaround, though the firm remains optimistic about execution at Firebag and Fort Hills.
Suncor Energy IncMorgan Stanley lowered price target and Goldman Sachs downgraded Suncor, reflecting reduced upside expectations.