The Globe and Mail reports in its Tuesday, Oct. 24, edition that Eight Capital analyst Christopher True has lowered his recommendation for Canacol Energy to "neutral" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. True swung an axe at his share target, chopping it back by $21 to $9. Analysts on average target the shares at $18.31. Mr. True says Canacol Energy hit the "reset button" with its decision to cancel its Jobo to Medellin pipeline project and strategic entrance into Bolivia. Mr. True says in a note: "We think this is a prudent decision in the long run as it 1) removes the pressure of the exploration program to fulfill reserves requirements for the pipeline, 2) allows the company to focus on development and take advantage of higher rate of return projects in a better SPOT market, and 3) will permit Canacol to focus on generating FCF and paying down debt, which will be accretive to shareholders. However, in the near term, we expect the stock to be volatile until the development outlook and the size of the FCF yield which can be delivered are better defined. Because of this, we believe it is better to sit on the sidelines until more colour is provided."