The Globe and Mail reports in its Friday edition that Canaccord Genuity analyst John Bereznicki has elevated his recommendation for Gibson Energy to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bereznicki is sticking with his $24 share target. Analysts on average target the shares at $25.50. Mr. Bereznicki issued his rating upgrade in response to a 13-per-cent drop in the share price so far this year. On Thursday Gibson closed of its $403-million bought deal offering that will be used to finance the acquisition of the South Texas Gateway Terminal (STGT). Mr. Bereznicki says in a note: "STGT is the second largest U.S. crude export facility and one of only two Texas Gulf Coast terminals with very large crude carrier loading capability. It features 8.6 million barrels of oil of storage capacity and one million barrels of oil per day in permitted export capacity, with more than 95 per cent of its revenue under take-or-pay contract. The STGT has enjoyed strong volume growth since its 2018 inception and we estimate Gibson is paying 8.9 times 2024 estimated EBITDA for this operation (in line with where the stock traded prior to the announcement of this transaction)."