The Globe and Mail reports in its Wednesday, April 24, edition that Desjardins Securities analyst Chris MacCulloch has cut Spartan Delta to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch continues to target the shares at $4.50. Analysts on average target the shares at $4.90. Mr. MacCulloch says in a note: "Although the stock languished in 2H23 following its transformative disposition of the Alberta Montney assets, it has posted a vigorous recovery through the opening months of 2024, trading up more than 40 per cent to date this year as the best-performing name in the Desjardins E&P coverage universe. However, we remain cautious on the company's near-term cash flow generation capability given its elevated exposure to the AECO natural gas market, where we expect pricing to remain subdued through the summer months. We are also taking a 'wait and see' approach with respect to the West Shale basin Duvernay assets, development plans for which are expected to be unveiled later this spring on the back of additional land acquisitions, potentially including the former Bonavista Energy Duvernay rights from Tourmaline that are currently being marketed in a public process."