The Globe and Mail reports in its Thursday edition that Stifel analyst Michael Dunn has reaffirmed his "buy" recommendation for International Petroleum. The Globe's David Leeder writes in the Eye On Equities column that Mr. Dunn hiked his share target ahead by $3 to $18. Analysts on average target the shares at $16.91. Mr. Dunn says in a note: "International Petroleum's 3Q disclosures saw a strong cash flow beat on sales volumes exceeding production by 20 per cent, the retirement of Mike Nicholson and appointment of William Lundin as CEO, 2023 capex guidance reduced 10 per cent, well outperformance (Ellerslie, France), news two times well work overs needed in Malaysia, a $17-million asset sale, and approval to renew the NCIB. High oil prices are allowing International Petroleum to retain a strong net cash position that actually improved quarter-over-quarter despite heavy spending at Blackrod and share repurchases. While buying shares of companies in the early stages of a major project build out is typically not ideal timing, in our view the valuation of the shares looks very compelling." The Globe reported on Oct. 13 that National Bank Financial kept Imperial Oil at "sector perform." It was then worth $83.12.