The Globe and Mail reports in its Thursday, Sept. 19, edition that TD Cowen analyst Menno Hulshof is keeping his "buy" recommendation and $35 share target for MEG Energy intact. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $34.25. Mr. Hulshof says in a note: "MEG has materially underperformed its Integrated/oil sands peers since the XEG [iShares S&P/TSX Capped Energy Index ETF] last peaked in April (and year-to-date), partially driven by investor capex concerns as it grows CL capacity to 125mbbl/d and wider-than-expected heavy differentials post-TMX. However, consensus now captures the top-end of management's 2025/2026 capex range, and with MEG trading at a multiple discount to peers, it is now our top pick. ... We consider the current MEG discount (2025 FCF yield of 10.3 per cent vs. ATH/SCR at 6 per cent/6.6 per cent) unjustifiably large." Mr. Hulshof notes that MEG shares are down 27 per cent since the peak of XEG in April (versus a 16-per-cent decline for the ETF), which is the largest pullback in his integrated/oil sands coverage. The Globe's guest columnist Christine Elegado recommended buying MEG on July 11 when it could be had for $28.20.