The Globe and Mail reports in its Friday edition that Canaccord analyst Mike Mueller commenced coverage on ARC Resources with a "buy" recommendation and a $22.50 share target. The Globe's David Leeder writes that analysts on average target the shares at $23.15. The Globe says Mr. Mueller believes ARC has established itself as "the preeminent, pure-play Montney name following efforts to concentrate its asset base." Mr. Mueller says in a note: "With the phased growth projected from Attachie in 2025/2028 and its pure play Montney asset base, we believe ARC offers investors exceptional exposure to the onset of incremental LNG export capacity coming online in North America through the balance of the decade. ... While ARX is the country's third largest natural gas producer, and gas makes up the bulk of its total production at 62 per cent (Q1/23), the company is the largest producer of condensate in Canada. With Trans Mountain set to come on-line in Q1/24, regional demand for condensate is expected to grow from a point where local demand already outstrips intra-basin supply. On the natural gas front, ARC is targeting up to 25 per cent of its production to be sold into markets where it receives international pricing."