The Globe and Mail reports in its Friday, Dec. 8, edition that Desjardins Securities analyst Chris MacCulloch, in response to negative estimate revisions following Suncor Energy's 2024 guidance release, lowered his share target to $49 from $51. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $54.86. Mr. MacCulloch says in a note: "Although the stock lagged following the release, we believe that was partially attributable to weakness across the broader Canadian heavy oil complex on the back of another potential delay in the TMX project, not to mention a sharp pullback in global oil prices. However, we maintain our 'hold' rating as we continue awaiting a more attractive entry point for the stock." The Globe reported on Aug. 17 that Mr. MacCulloch rated Suncor Energy "buy." It was then worth $43.10. The Globe reported on Sept. 19 that Mr. MacCulloch downgraded his recommendation for Suncor Energy to "hold" from "buy." The shares could then be had for $47.06.