The Globe and Mail reports in its Wednesday, April 8, edition that BMO Capital Markets analyst Tariq Saad has elevated his recommendation for Cardinal Energy to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Saad gave his share target a $3.50 boost to $13. Analysts on average target the shares at $12. Mr. Saad calls the buildout of its Reford project in Saskatchewan "a meaningful turning point for the company, allowing for volume growth and a better cost structure." Mr. Saad says in a note: "More is on its way as the company is proceeding with a second Reford project and has identified another Saskatchewan thermal asset at Kelfield. We believe the improving oil dynamic has made this even more impactful, allowing for quicker deleveraging and paving the way for further SAGD development." The Globe reported on Feb. 6 that RBC Capital analyst Rob Mann had reaffirmed his "outperform" recommendation for Cardinal Energy. It was then worth $9.11. The Globe reported on March 31 that Raymond James analysts had upgraded Cardinal Energy to "outperform" from "market perform." The shares could then be had for $11.37.