The Globe and Mail reports in its Friday, Feb. 23, edition that Desjardins Securities analyst Chris MacCulloch has reaffirmed his "buy" recommendation for Whitecap Resources. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch gave his share target a 50-cent boost to $11.50. Analysts on average target the shares at $12.75. Mr. MacCulloch says in a note: "We increased our target on Whitecap reflecting positive estimate revisions following the release of 4Q23 financial results. We also adjusted our 2024 capex assumption to $1-billion (from $1.1-billion) to align with the mid-point of the capital budget ($900-million to $1.1-billion) given our view that Montney/Duvernay development will temporarily moderate in response to sluggish natural gas prices. However, we have retained our production forecast at the mid-point of the guidance range for the time being." The Globe reported on Sept. 19 that Mr. MacCulloch said he was becoming "more cautious" on the energy sector, particularly on the oil side. He expressed a preference for natural gas weighted equities. In the item Mr. MacCulloch had reaffirmed his "buy" recommendation for Whitecap Resources, which could be then had for $11.58.