The Globe and Mail reports in its Friday, April 22, edition that RBC Dominion Securities analyst Shailender Randhawa lowered his rating for Pengrowth Energy ($1.74) to "underperform" from "sector perform," citing relative implied return. The Globe's David Leeder writes in the Eye On Equities column that Mr. Randhawa increased his share target to $1.25 from $1.10. Analysts on average target the shares at $1.43. Mr. Randhawa says Seymour Schulich's recent move to raise his interest in Pengrowth to 14.7 per cent should be viewed as a vote of confidence for its asset potential. He says in a note: "Pengrowth's long-term risk/reward is compelling with 1.2 billion boe [barrels of oil equivalent] of potential resources including Lindbergh SAGD expansion to 30,000 bbl/d and its early-stage Montney assets at Groundbirch and Bernadet. We estimate the future payoff from these assets at $4.45/share unrisked but carry them at 25 cents/share risked in our NAV [net asset value] given approximately $5-billion of future development capital, which will require a significant rebuild of balance sheet capacity." The analyst says Pengrowth's premium multiple is not currently warranted given its stage of "rehab."