The Globe and Mail reports in its Thursday, Jan. 30, edition that Desjardins Securities analyst Chris MacCulloch introduced his 2026 estimates for Canadian energy companies on Wednesday after adjusting his commodity price deck to reflect the "increased likelihood" of U.S. tariffs from the Trump administration. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch says in a note: "We expect a potential trade war to prove relatively short-lived given the highly integrated nature of the North American energy sector, which is why we have factored in only a 10-per-cent tariff for roughly six months. That said, we expect producers to absorb at least 50 per cent of the incremental cost of tariffs with respect to Canadian oil exports to the U.S. and natural gas exports to eastern markets, which contributed to our widening of 2025 WCS, Edmonton Par, Edmonton condensate and AECO` differential assumptions. However, the financial impact of tariffs is partially offset by a significant weakening of our 2025 Canadian dollar forecast." Mr. MacCulloch continues to rate Suncor Energy "buy." He boosted his share target by $2.50 to $68.50. Analysts on average target the shares at $61.85.