The Globe and Mail reports in its Thursday edition that RBC Dominion Securities analyst Greg Pardy's recent meeting with the "Three Steves" of Suncor Energy ($41.37) has earned the company a price target boost. The Globe's Darcy Keith and Jody White write in the Eye On Equities column that
Mr. Pardy's talk with Steve Williams, Steve Reynish and Steve Douglas -- Suncor's chief executive officer, interim chief financial officer and investor relations head -- served to reinforce his confidence in the company's solid outlook.
Mr. Pardy says: "Suncor has transformed itself into a disciplined integrated (energy producer) with growth and a sustainable cash flow stream. ... We believe it is likely that Suncor will move from a discount to a premium debt-adjusted cash flow multiple as the company demonstrates consistent operating performance."
Mr. Pardy is maintaining his "outperform" rating. He boosted his price target by $1 to $48. The analyst consensus price target over the next year is $45.06.
Canaccord analyst Phil Skolnick maintained a "buy" rating on Suncor in the Eye column on Feb. 6. He said Suncor was trading at a "compelling" valuation compared with its peers. The shares were then worth $35.01.
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