The Globe and Mail reports in its Thursday, Jan. 12, edition that equity analysts at National Bank Financial are optimistic about the fortunes for Canada's energy industry this year, seeing it as "down, but not out" and expecting macro tailwinds to mitigate potential concerns moving forward. The Globe's David Leeder writes in the Eye On Equities column that the National Bank analysts say that the sector's equities have shown resiliency. The analysts see further upside ahead, pointing to current valuations and potential higher cash returns. They said in a note: "2022 was unequivocally another solid year for the energy sector as it earned the top-performing sector within the S&P/TSX Composite index for the second consecutive year. ... We expect inventory-driven M&A to gain momentum, driven by the need for operators to pad drilling inventory after multiple years of underinvestment and a lack of transacting." The National Bank analysts have reaffirmed their "outperform" ranking for Cenovus Energy. Their target for Cenovus Energy shares rose to $39 from $36. Analysts on average target Cenovus Energy shares at $33.28. The Globe reported on Dec. 15 that RBC rated Cenovus "outperform." It was then worth $24.86.