The Globe and Mail reports in its Friday, April 19, edition that National Bank analysts Dan Payne and Travis Wood see the Canadian energy sector screening well on value and enjoying multiple expansion for the first time in over a decade. The Globe's David Leeder writes in the Eye On Equities column that Mr. Payne and Mr. Wood say in a note: "Notably, Canadian Natural Resources is the first to trade in line with its historical 10-year average forward EV/DACF [enterprise value to debt-adjusted cash flow] multiple. We believe companies which showcase sound capital discipline and have an asset base to support an attractive return on capital profile will experience value expansion as well. As a function of our multiple expansion thesis, compounded by a modestly improved commodity price outlook, our target prices now reflect this more constructive outlook, implying a total return of 42 per cent (on average)." Ahead of earnings season, the analysts upgraded their share target for Canadian Natural Resources to $120 from $90 to reflect their "more constructive" outlook. They rate the shares "sector perform." Analysts on average target the shares at $107.77.