The Globe and Mail reports in its Wednesday edition that TD Cowen analyst Meno Hulshof is keeping his "buy" call on Baytex Energy intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hulshof gave his share target a 25-cent boost to $5. Analysts on average target the shares at $4.91. Mr. Hulshof thinks Baytex Energy's three-year outlook reinforces a "simpler, nimbler pure Canadian strategy including a 3- to 5-per-cent production CAGR [compound annual growth rate] at $60 (U.S.)/bbl WTI (75mboe/d in 2028) and a smaller eight-member board." Mr. Hulshof says in a note: "The real near-term story, in our view, is an accelerated NCIB (back-stopped by $800-million net cash) which, on our math, could get completed in as little as 53 days. An SIB is still in the cards, but far from certain and we do not model one. ... Expect buybacks to ramp immediately: Given its $800-million net cash position, Baytex is reinstating the NCIB and considering an SIB. Given its discounted valuation, this is absolutely the right move, in our view. We estimate that if it were to max out its daily buyback, that the NCIB could be complete in the March, 2026, timeframe. ... Baytex does not expect to be cash taxable in 2026."