The Globe and Mail reports in its Wednesday, July 30, edition that Raymond James analyst Luke Davis has reiterated his "outperform" recommendation for Surge Energy. The Globe's David Leeder writes that Mr. Davis boosted his share target by a loonie to $9. Analysts on average target the shares at $9.31. Mr. Davis says in a note: "Surge's 2Q25 print was punctuated by a favourable guidance adjustment driven by ongoing operational momentum that continues to enhance capital efficiencies. We believe the company remains well positioned into the back half and see the potential for continued production outperformance despite a lighter capital program. That said, Surge shares have exhibited the best year-to-date performance in our SMID-cap coverage group (up 21 per cent since our upgrade earlier this month) and while the valuation remains reasonable, we would not be surprised to see momentum slow somewhat near-term as investors look to crystalize profits." The Globe reported on Oct. 23 that Canaccord rated Surge Energy "buy." It was then worth $6.08. The Globe reported on April 10 and July 4 that Mr. Davis rated Surge Energy "market perform" and "outperform." Surge Energy shares could then be had for $5.07 and $6.22.