The Globe and Mail reports in its Thursday edition that energy analysts at Raymond James updated their commodity price deck on Wednesday due to recent significant changes in commodity prices and spreads. The Globe's David Leeder writes that the analysts say in a note: "While our mid-cycle WTI assumption of $65 (U.S.)/bbl remains unchanged, strip pricing has increased substantially from our last deck revision. At the time of writing, the straits of Hormuz and Bab el-Mandeb are active war zones, Saudi Arabia's East-West pipeline is presumed closed after strikes earlier this week and refined product shortages are worsening with significant global refining capacity offline (most notably Russia). These events, and subsequent impact to commodity prices, have a material impact on our estimates and valuations. ... Overall, we've updated our target prices to account for the deck changes and updated modeling assumptions. The James analysts cut Birchcliff Energy to "market perform" from "outperform." They gave their share target a 50-cent trim to $8. Analysts on average target the shares at $8.25. The Globe reported on April 9, 2025, that Raymond James rated Birchcliff "market perform." The shares were then going for $5.52.