The Globe and Mail reports in its Friday, May 9, edition that Desjardins Securities analyst Chris MacCulloch continues to rate Pine Cliff Energy "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch gave his share target a five-cent trim to 95 cents. Analysts on average target the shares at 94 cents. Mr. MacCulloch says in a note: "We are trimming our target on Pine Cliff reflecting downward revisions to our production forecast prior to a resumption in drilling activity later this year. Despite our more cautious outlook, we still see the company generating material discretionary FCF at strip prices following its recent dividend cut, which should support rapid balance sheet deleveraging. We therefore continue highlighting the stock as the most exposed Canadian producer to structurally improving AECO natural gas prices." The Globe reported on March 20 that Mr. MacCulloch had lowered his recommendation for Pine Cliff Energy to "hold" from "buy." The shares could then be had for 76 cents. The Globe reported on April 4 that Canaccord Genuity analyst Mike Mueller had elevated Pine Cliff Energy to "buy" from "hold." The shares were then going for 67 cents.