The Globe and Mail reports in its Saturday, May 23, edition that CIBC World Markets analyst Dave Popowich hiked Pacific Rubiales Energy ($6.10) to "sector performer" from "sector underperform" and price target from $2 to $6.50. The Globe's David Leeder writes in the Eye On Equities column that Pacific Rubiales agreed last week to be sold for $6.50 per share in cash to a newly created entity led by Alfa Sab and Harbour Energy, a private investment firm. The deal, which has been opposed by its largest shareholder, O'Hara Administration, is expected to close in the third quarter. Mr. Popowich says: "We believe Alfa's offer represents fair value for Pacific's assets, and expect it to be met with widespread approval amongst the company's shareholder base. ... That said, Pacific's largest shareholder has already expressed its opposition to a potential transaction. The O'Hara group's ultimate intentions remain unclear at this point, suggesting the stock is unlikely to price-in full value for the Alfa offer until the shareholder vote." Analysts on average target the shares at $6.09. TD Securities cut Pacific Rubiales to "reduce" from "hold" in the Eye column on March 21. The shares were then worth $3.14.