The Globe and Mail reports in its Wednesday, May 24, edition that Scotia Capital analyst Jason Bouvier has elevated his recommendation for MEG Energy to "sector outperform" from "sector perform." The Globe's David Leeder writes that Mr. Bouvier is sticking with his $26 share target. Analysts on average target the shares at $26.21. Mr. Bouvier believes the company's "strong balance sheet sets the stage for increased shareholder returns." Mr. Bouvier says in a note: "In our view, the short and long-term outlook for WCS is structurally positive. We expect the differential to continue narrowing on the back of (1) improved egress with TMX; (2) midwest refinery restarts and 1,280 mbbl/d of incremental refining capacity (geared towards heavy) coming on-line in 2023; and (3) further inventory declines heading into the Q2-Q3 turnaround season. MEG has meaningful torque to tightening WCS differentials and WTI prices. Further, the completion of TMX will increase MEG's tidewater access from 65 per cent in 2023 to 80 per cent in 2024." The Globe reported on March 2 that National Bank Financial analyst Travis Wood had downgraded MEG Energy to "sector perform" from "outperform." The shares could then be had for $21.99.