The Globe and Mail reports in its Friday edition that TD Cowen analyst Menno Hulshof has lowered his recommendation for Baytex Energy to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hulshof continues to target the shares at $5. Analysts on average target the shares at $5.03. Mr. Hulshof says in a note: "We like that Baytex Energy is aggressively getting after the buyback with the disposition proceeds ($800-million initial cash nest-egg, but now getting whittled down) and consider it a strong vote of confidence in a streamlined portfolio/strategy that really comes to life at US$65/bbl+ WTI. ... We like this far more streamlined, nimble and well-capitalized version of Baytex Energy. The set-up looking forward is attractive: 1) a net cash position with a unique opportunity to make significant share repurchases, 2) a return to organically funded growth of 3 to 5 per cent annually (vs. a prior largely sustaining capital budget for 2026), and 3) an opportunity to create value in the PDuv (one-rig program, 18 to 20 wells/yr with production ramping to 20-25mboe/d by late-decade), and a host of heavy oil plays (some old, some new) where it continues to opportunistically add acreage."