The Globe and Mail reports in its Thursday, April 18, edition that Canaccord Genuity analyst Mike Mueller has downgraded ARC Resources to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mueller gave his share target a $2 boost to $27. Analysts on average target the shares at $24.37. Mr. Mueller says in a note: "We believe that the stock's recent outperformance (ARC Resources up 28 per cent year-to-date versus the sector at approximately 22 per cent) is unlikely to be sustained in the near term. We do note, however, that we believe its long-term outlook remains strong considering its breadth and depth of inventory. The company's Attachie Phase 1 development remains on schedule to come on-line and ramp to full production next year, and we believe it is likely that an increase to its 2.7-per-cent dividend would logically coincide with commissioning of that project." The Globe reported on July 21 that Mr. Mueller had commenced coverage on ARC Resources with a "buy" recommendation and a $22.50 share target. The shares could then be had for $19.12. The Globe reported on March 22 that Desjardins Securities analyst Chris MacCulloch rated ARC "buy." It was then worth $23.58.