UBS analyst Manav Gupta upgraded Cenovus Energy to Buy from Neutral with an unchanged price target of C$31. The analyst sees “materially higher” shareholder returns once the company hits its net debt target of $4B in the second half of 2024, “for which it is not getting appropriate credit.” The startup of TMX could add $1B to upstream EBITDA on narrower crude spreads while Cenovus’ upstream earnings would also benefit from volume growth, the analyst tells investors in a research note.
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