The Globe and Mail reports in its Wednesday, Aug. 30, edition that CIBC World Markets analyst Dennis Fong has reaffirmed his "outperformer" recommendation for Canadian Natural Resources. The Globe's David Leeder writes in the Eye On Equities column that Mr. Fong gave his share target a $3 boost to $93. Analysts on average target the shares at $91.25. Mr. Fong says in a note: "We expect the company could reach its $10-billion net debt target in early 2024, triggering an increase of free cash flow allocation to shareholder returns to 100 per cent (from 50 per cent currently). Following the completion of turnarounds at both Horizon and Scotford (non-operated), SCO production reached 513 MBbl/d in July. During the Horizon turnaround, two furnaces were brought on-line as a part of the strategic capital spending, which increases SCO capacity by 5 MBbl/d. ... Capital spending guidance increased by 4 per cent to $5.4-billion with the increase of $130-million in oil sands mining (increased scope and third-party service costs relating to sustaining activities) and $70-million in North American E&P and thermal operations (increased non-operated and workover activity and inflationary pressures)."