Canadian Natural price target raised to C$90 from C$87 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Canadian Natural to C$90 from C$87 and keeps an Equal Weight rating on the shares. The energy sector is experiencing an improving macro backdrop, which has led to a catch-up trend experience in energy stocks, the analyst tells investors. With valuations still 2x the historic discount vs S&P, strong free-cash-flow yields, and positive earnings revisions, the firm sees a path to further outperformance.