The Globe and Mail reports in its Tuesday, Sept. 19, edition that Desjardins Securities analyst Chris MacCulloch has lowered his recommendation for Suncor Energy to "hold" from "buy." The Globe's David Leeder writes that Mr. MacCulloch, however, upgraded his share target by a loonie to $49. Analysts on average target the shares at $50.94. The Globe reports that Mr. MacCulloch is becoming "more cautious" on the energy sector, particularly on the oil side, expressing a preference for natural gas-weighted equities. Mr. MacCulloch says in a note: "The stock has been on an absolute tear since the company reported 2Q23 financial results in mid-August -- trading up 10 per cent -- the second-best performance in the Desjardins E&P coverage universe. With CEO Rich Kruger now at the helm for roughly six months, Suncor has trimmed overhead costs while also completing its portfolio clean-up of non-core assets following the recent UK North Sea disposition. More importantly, the company appears to have taken the necessary steps to improve operational performance following a steady string of disappointing results in recent years." The Globe reported on Aug. 17 that Mr. MacCulloch rated Suncor "buy." It was then worth $43.10.