The Globe and Mail reports in its Tuesday, March 31, edition that ATB Cormark Capital Markets analyst Amir Arif has elevated his recommendation for Vermilion Energy to "outperform" from "sector perform." The Globe's David Leeder writes that Mr. Arif's share target soared $8 to $24. Analysts on average target the shares at $16.71. Mr. Arif says in a note: "Vermilion is a value name and our thesis remains the same that the multiple on the name has room to expand as Deep basin execution takes place and as corporate FCF begins to improve in 2027/2028 from Germany and Montney buildouts. The Deep basin execution began to show up in Q4/25 results and we believe it will also be a standout in Q1/26. The FCF increase with Germany and Montney is longer-term in nature but helps solidify the underlying asset value. ... With the move in TTF European gas pricing and given the potential for European gas to remain tight through at least the summer refill and winter season, the valuation on Vermilion at strip pricing has improved again to levels that we believe warrant an upgrade. Vermilion trades at 2.4 times 2027 strip EV/DACF and provides a CF sensitivity of 3-per-cent corporate CF for every $1/mcf move in TTF pricing."