The Globe and Mail reports in its Friday, Jan. 31, edition that National Bank analysts Dan Payne and Travis Wood are "optimistic" about Canada's energy sector but feel recent policy decisions and narratives from U.S. President Donald Trump make them "somewhat tepid in the shorter term." The Globe's David Leeder writes that Mr. Payne and Mr. Wood say in a research note titled Elephants in the Room, "After marking-to-market Q4, our price assumptions remain unchanged and continue to characterize 2025 as a stockpicker's market, where shorter-term duration ideas will have the potential to generate alpha for the year." As the fourth quarter 2024 earnings season approaches, the analysts anticipate that the uncertainty over U.S. tariffs will dominate discussions among executives and investors. They are projecting average earnings gains of 6 per cent from the third quarter, aligning with market expectations. Mr. Payne and Mr. Wood have reaffirmed their "outperform" recommendation for Suncor Energy. The National Bank stockpickers gave their share target a $3 boost to $68. Analysts on average target the shares at $61.85. The Globe reported on Dec. 13 that Raymond James rated Suncor "market perform." It was then worth $52.37.