.png)
Raymond James Michael Shaw boosted his outlook for Suncor shares to $53 from $50 in a note to clients on Tuesday. (GETTY) Suncor Energy’s ( SU.TO )( SU ) plans to improve worker safety and turn around its troubled Fort Hills mine have prompted Raymond James to hike its price target for shares of the Canadian oil major. Analyst Michael Shaw boosted his outlook to $53 from $50 in a note to clients on Tuesday, calling for Suncor to benefit from "the macro tailwinds behind its best-in-class downstream assets." If he’s correct, that will see shares retrace their current 52-week high of $53.62 achieved in June, prior to this summer’s decline in crude prices ( CL=F ). Toronto-listed shares were little changed in Tuesday’s session, trading essentially flat at $48.82 as at 11:20 a.m. ET. The stock has climbed nearly 48 per cent year-to-date. However, Suncor’s performance has lagged Calgary-based peers like Cenovus Energy ( CVE.TO )( CVE ) and Imperial Oil ( IMO.TO )( IMO ) over many months of strong commodity prices, a point raised by an activist investor in a public letter earlier this year. Shaw’s upward price target revision comes three weeks ahead of Suncor’s […]
CamTrader offers a preview only. View original article. www.yahoo.com
