The Globe and Mail reports in its Thursday, July 23, edition that TD Cowen analyst Menno Hulshof has elevated his recommendation for Vermilion Energy to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hulshof continues to target Vermilion shares at $18. Analysts on average target the shares at $21.70. Mr. Hulshof says in a note: "We downgraded to 'hold' back in March given year-to-date share outperformance, offset by near-term operational volatility and an FCF inflection that felt too far out for most investors. Risk/reward has improved and we now consider near-term operational headwinds (Q2 hedge losses, Q2 Wandoo cyclone impacts, Q3 32-day Corrib TA) fairly well understood by investors. We also see Vermilion tracking toward the high end of 2026 guidance (we estimate 122mboe/d vs 118-122 mboe/d guide) and think the market could start to focus more on 2028 FCF inflection as the Street begins introducing 2028 estimates this fall. ... Its key assets continue to perform well and remain supportive of 2028+ EFCF inflection. ... Following the share pullback, we believe the risk/reward has improved sufficiently to support a 'buy' rating."