National Bank analyst Travis Wood raised the firm’s price target on Canadian Natural to C$53 from C$52 and keeps a Sector Perform rating on the shares, following Canadian Natural’s announced acquisition of Chevron’s (CVX) Alberta assets for $6.5B in cash. The firm said it views the acquisition price as “relatively healthy, but likely justified as the deal process was likely a competitive one and also respecting the expectation for the company to capture incremental value across operating synergies over time.”
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