The Globe and Mail reports in its Friday, Dec. 8, edition that RBC Dominion Securities analyst Luke Davis has elevated his recommendation for Athabasca Oil Sands to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Davis continues to target the shares at $5. Analysts on average target Athabasca Oil shares at $4.84. The Globe says Mr. Davis sees "a favourable outlook into 2024, both on updated guidance and a continued focus on shareholder returns." Mr. Davis says in a note: "We upgrade Athabasca shares to 'outperform' given a favourable outlook into 2024, both on updated guidance and a continued focus on shareholder returns. The company now plans to allocate 100 per cent of free cash flow to shareholders through its share buyback, which we expect will enhance per share metrics. Despite ongoing volatility in commodity prices, we believe the company is in a strong financial position to weather potential near-term downside and view the recent pullback as a buying opportunity." The Globe reported on July 28 and Nov. 3 that Mr. Davis had reaffirmed his "sector perform" recommendation for Athabasca Oil. Its shares could then be had for $3.42 and $4.25.