The Globe and Mail reports in its Wednesday, Sept. 17, edition that AltaCorp Capital Research analyst Nicholas Lupick has downgraded Pengrowth Energy ($6.35) to "sector perform" from "outperform." The Globe's Darcy Keith and Jody White write in the Eye On Equities column that Mr. Lupick cut his price target to $8.75 from $11. Mr. Lupick says: "In order to transition PGF's core focus toward having a thermal heavy oil weighting, management has had to make the difficult decision of increasing its leverage in order to capitalize the Lindbergh project. Given PGF's currently elevated debt/cash flow ratio of 2.5x, and our expectations for this not to subside to the sub-1.5x range until Lindbergh phase 2 is complete in 2017, we believe that PGF's elevated debt levels will continue to act as an overhang on the stock during our 12-month to 18-month investment time horizon." The Globe's Scott Barlow said Pengrowth Energy was bargain priced on Oct. 22, 2013. The shares could then be had for $6.62. The Globe reported on July 8, 2014, that Raymond James analysts were bullish on Pengrowth Energy. The analysts rated Pengrowth Energy "outperform." Pengrowth Energy shares could then be had for $7.40.