The Globe and Mail reports in its Friday, Sept. 29, edition that BMO analyst Michael Murphy has elevated his recommendation for Baytex Energy to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Murphy advanced his share target by $2 to $7.50. Analysts on average target the shares at $7.31. The Globe says Mr. Murphy sees "compelling value and growing shareholder returns" at Baytex. The BMO stockpicker says Baytex's valuation is "too attractive to ignore." Mr. Murphy says in a note: "Supported by strengthening crude prices, and our bullish outlook for 2024, we are upgrading Baytex. ... With post-acquisition deleveraging well underway, we forecast the company will generate upwards of $1.4-billion of free cash flow next year, half of which will be returned to shareholders, primarily through share buybacks. The stock currently trades at a compelling 2024 FCF yield of 31 per cent (BMO Deck) relative to mid-cap peers at 15 per cent. ... Baytex trades at one of the highest free cash flow yields, and lowest multiples in its peer group, based on our estimates. We estimate that the company could liquidate its entire market cap through free cash flow in 3.5 years."