The Globe and Mail reports in its Saturday, Dec. 20, edition that TD Securities made several updates, downgrades and price target changes to energy companies it covers after rolling out its 2016 estimates for the sector and significantly reducing its spending assumptions. The Globe's Darcy Keith, Jody White and Tim Shufelt write that some energy stocks were upgraded, in part because TD believes that, over all, current valuations "are representing balance sheet distress that does not exist." The actions included: cutting Penn West Petroleum to "reduce" from "hold" with a price target of 70 cents. Downgrading Baytex Energy to "hold" from "buy" with a price target of $22. Upgrading Gasfrac Energy Services to "hold" from "reduce" with a price target of 35 cents. Upgrading Horizon North Logistics to "buy" from "hold" with a price target of $3. Upgrading Husky Energy to "action list buy" from "buy" with a price target of $32. Downgrading Legacy Oil + Gas to "hold" from "buy" with a price target of $2. Upgrading Pacific Rubiales Energy to "hold" from "reduce" with a price target of $7.50. Downgrading Trilogy Energy to "hold" from "buy" with a price target of $9.