The Globe and Mail reports in its Friday, May 12, edition that Raymond James analyst Jeremy McCrea believes Birchcliff Energy has hit bottom and is now poised for a rebound. The Globe's David Leeder writes that accordingly, Mr. McCrea upgraded his recommendation to "outperform" from "market perform." Mr. McCrea is sticking with his $11 share target. Analysts on average target the shares at $10.47. Mr. McCrea says in a note: "Investors have seen plenty of volatility with Birchcliff shares over the past few years. Nevertheless, the company has continued to profitably invest in its core Montney position at Pouce Coupe, establishing infrastructure and a well delineated region that would be much more costly to recreate today. Although in 2022 Birchcliff reaped the benefits of its unhedged production strategy, the recent decline in gas prices has put pressure on Birchcliff's stock, with the company adding a small amount of debt now to cover both the dividend and capex plans. Nevertheless, the key takeaway from the quarter will be the unveiling of a new core area in the Montney, that seems to be highly over-pressured in the gas region at Elmworth. ... This could be a key source of gas supply as more LNG comes on stream."