The Globe and Mail reports in its Wednesday, Aug. 9, edition that while Desjardins Securities analyst Chris MacCulloch has reaffirmed his "buy" recommendation for Tourmaline Oil. The Globe's David Leeder writes that Mr. MacCulloch cut his share target to $76 from $77. Analysts on average target the shares at $80.38. Mr. MacCulloch says he made "modest" reductions to his estimates for Tourmaline Oil following last week's second quarter earnings release. He still sees "upside in the story," calling the Calgary-based company "a real gem." Mr. MacCulloch says in a note: "We believe TOU clearly warrants a premium valuation given the depth of its inventory, strong growth visibility, pristine balance sheet, shareholder-friendly capital return strategy and highly regarded management team, among other things. However, equity markets are often a 'what have you done for me lately?' kind of business, and investors have every right to be looking around the corner at what's next, particularly within the context of a lofty multiple." However, Mr. MacCulloch thinks Tourmaline continues "leaving breadcrumbs regarding potential upside to the market, which could help backfill valuation in the absence of further M&A activity."