The Globe and Mail reports in its Wednesday, Sept. 4, edition that RBC analyst Greg Pardy is sticking with his "outperform" recommendation and $67 share target for Suncor Energy. The Globe's David Leeder writes that analysts on average target the shares at $60.93. Mr. Pardy says a recent meeting with Suncor Energy chief executive officer Rich Kruger reinforced his confidence in its "favorable operating/financial momentum is being driven by structural changes to its culture," leading him to reinforce it as his favourite integrated company in Canada and its spot on the firm's "Global Energy Best Ideas" list. Mr. Pardy says in a note: "The cultural shift occurring at Suncor over the past year was at the centre of our discussion. Not long after overcoming a vicious cyber-attack last July, Suncor moved quickly to reduce its headcount by approximately 1,800 above-field personnel (22 per cent), which was completed in November ahead of schedule. Rich and the leadership team have spent a great deal of time engaging with personnel on the field, serving to re-energize the workforce and instill accountability and connectivity with leadership. ... The job ahead now is to deeply ingrain these cultural aspects in an enduring manner."
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