The Financial Post reports in its Friday edition that TD has downgraded Athabasca Oil ($1.22) to hold from speculative buy. The Post's Jonathan Ratner, writing in Trading Desk, quotes analyst Menno Hulshof as telling clients, "Until recently, Athabasca had initiatives underway that had the potential to uncover significant value for shareholders through a 'mark-to-market' on certain assets." That includes a joint venture in the Duvernay and the surprise sale of a first-ever oil sands gross overriding royalty. Since these moves have largely come to pass, the analyst sees little that can move the dial for Athabasca in the short to medium-term, aside from a higher in oil prices. Mr. Hulshof praised the company's management for its execution improvement during the past two years, as well as its ability to attract capital from third parties in the face of extremely challenging conditions. However, he noted that the share price reaction has been muted, as Athabasca has declined 14 per cent since the joint venture was announced. "Athabasca shares represent very good value but valuation is not a catalyst, in our view -- especially in this market," he said, cutting his price target to $1.75 from $2.50.