The Globe and Mail reports in its Thursday, March 20, edition that Desjardins Securities analyst Chris MacCulloch has lowered his recommendation for Pine Cliff Energy to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch lowered his share target by 15 cents to 95 cents (all figures Canadian unless otherwise stated). Analysts on average target the shares at $1.04. Mr. MacCulloch issued his ratings downgrade on Wednesday after making a significant reduction to his oil price forecast on the heels of fourth quarter earnings season in the sector. Mr. MacCulloch says in a note: "Notably, we have slashed our 2025–26 WTI price deck to $65 (U.S.) per barrel and $60 (U.S.) per barrel, respectively (from $70 (U.S.) per barrel), partially offset by our assumptions of a softening loonie and tightening Canadian oil differentials. Although we have increased our 2025 NYMEX price deck to $4.25 (U.S.)/mcf (from $3.50 (U.S.)/mcf), we maintained our 2026 NYMEX and 2025–26 AECO forecast. Given our bearish oil price deck, we have slashed target prices across most of our coverage universe while adopting a more balanced sector outlook as returns to target continue thinning."