The Globe and Mail reports in its Wednesday, April 9, edition that Raymond James analyst Luke Davis is sticking with his "outperform" recommendation and $9.50 share target for Kelt Exploration. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $9.33. Mr. Davis says in a note: "Kelt offers a differentiated growth model with management hyper focused on creating value through organic asset development. While we acknowledge the lack of a defined shareholder return program and intentional reallocation of free cash to drill new wells does not check the boxes for all investors, we believe management's proven track record and technical expertise will ultimately drive competitive returns. In any case, we would advocate for a portfolio weighting on option value and view Kelt as a likely candidate for asset monetization and/or an outright sale." The Globe reported on Jan. 17 that CIBC rated Kelt "outperformer," when it was worth $7.28. The Globe reported on Jan. 31 that National Bank Financial analysts Dan Payne and Travis Wood rated Kelt Exploration "outperform." The shares could then be had for $7.07.