The Globe and Mail reports in its Wednesday, March 27, edition that RBC analyst Luke Davis has lowered his recommendation for Athabasca Oil to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Davis continues to target the shares at $6. Analysts on average target the shares at $5.94. Mr. Davis says in a note: "Athabasca has refocused on the thermal business with Leismer currently producing in excess of 24,000 bbl/d, and on track to grow to 28,000 bbl/d by midyear. The company has approval in place to increase volumes to 40,000 bbl/d, which we expect will be phased in over the next several years. Beyond this the company has approval at Corner for 40,000 bbl/d, which likely requires outside financing given a build cost in the range of $1-billion, with a cycle time of roughly four years from FID. ... Athabasca shares now trade at a material premium to oil-weighted peers, which we believe is justified by strong operational execution." The Globe reported on July 28 and Nov. 3 that Mr. Davis rated the shares "sector perform" when they were worth $3.42 and $4.25. The Globe reported on Dec. 8 that Mr. Davis had upgraded Athabasca Oil to "buy." It was then worth $3.79.