The Globe and Mail reports in its Friday, July 4, edition that Raymond James analyst Luke Davis upgraded Whitecap Resources to "strong buy" from "outperform." The Globe's David Leeder writes that Mr. Davis boosted his share target by a loonie to $13. Analysts on average target the shares at $12.91. Mr. Davis says in a note: "[We are upgrading Whitecap] given we believe the magnitude of the valuation discount to larger-cap peers is unwarranted and see several potential upcoming catalysts over the next couple of quarters that could drive a reversal. The stock is down 10 per cent year-to-date, materially underperforming the S&P/TSX capped energy index (up 1 per cent year-to-date) despite above average sustainability metrics [and] strong balance sheet, though post-deal leverage screens above peers. In our view, relative underperformance has largely been driven by capitulation associated with the company's acquisition of Veren, though we expect integration to be fairly seamless with current guidance including plenty of room to offset potential operational noise." The Globe reported on June 4 that Desjardins had lowered its recommendation for Whitecap Resources to "hold" from "buy." It was then worth $8.68.