The Globe and Mail reports in its Wednesday, March 13, edition that TD analyst Menno Hulshof has lowered his recommendation for Athabasca Oil to "hold" from "buy" citing valuation concerns relative to peers. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Hulshof continues to target the shares at $6. Analysts on average target the shares at $5.64. Mr. Hulshof says in a note: "Athabasca Oil shares have rallied 54 per cent since our early-December upgrade, outperforming pure-play MEG (plus 22 per cent) and its oil-weighted peers (BTE/CPG/SCR/WCP; plus 9 per cent on average). Year-to-date, Athabasca Oil is the top-performer across our coverage. Assuming $75 (U.S.)/bbl WTI ($14 (U.S.)/bbl WCS heavy differential), Athabasca Oil is trading at four times 2025E EV/DACF multiple vs. MEG at 4.6 times and oil-weighted peers at 2.7 times. On 2025E FCF yield, Athabasca Oil is trading at 16 per cent vs. MEG at 15 per cent and oil-weighted peers at 20 per cent." The Globe reported on Sept. 14 that Stifel analyst Michael Dunn rated Athabasca Oil "buy." It was then worth $3.88. The Globe reported on Sept. 29 that Mr. Hulshof rated Athabasca Oil "hold" in new coverage. Its shares could then be had for $4.35.