The Globe and Mail reports in its Wednesday edition that Desjardins Securities analyst Chris MacCulloch has downgraded Athabasca Oil to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch continues to target the shares at $6.06. Mr. MacCulloch says in a note: "Although we remain optimistic on the longer-term corporate outlook, including the recent emergence of Duvernay Energy Corporation, corporate cash flow is still primarily driven by heavy oil production, the value of which has appreciated considerably in recent weeks with WCS differentials tightening as TMX line-fill commences. However, the stock has been one of the best-performing names in the sector since we upgraded it last December, and we are increasingly cautious that most of the upside has been fully discounted into the current valuation, which could result in downside if further narrowing of WCS differentials fails to materialize. Moreover, we expect oil prices to correct from current levels moving into 2025, which would disproportionately impact Athabasca Oil relative to peers to the extent that it retains the highest cash flow sensitivity (to oil prices) in the Desjardins E&P coverage universe."