Scotiabank initiated coverage of Cenovus Energy with an Outperform rating and a C$47 price target on June 26. The firm sees further upside in select Canadian oil and gas stocks despite strong gains this year. The analyst launched coverage on six large-cap exploration, production, and royalty companies, while also resuming coverage of six small- and mid-cap E&P companies in the sector. Earlier, on May 13, Goldman Sachs raised its price target on Cenovus to $36 from $32 and reiterated a Buy rating, citing expected production and free cash flow inflection from West White Rose and additional upside from Christina Lake North and stronger commodity prices.
Bank of Nova Scotia
Goldman Sachs Group IncCenovus Energy IncScotiabank initiated with Outperform rating and C$47 target; Goldman Sachs raised target to $36