CIBC upgrades Paramount Resources, says shares ‘too cheap’

CIBC last night upgraded Paramount Resources (PRMRF) to Outperformer from Neutral with an unchanged price target of C$38. The firm is expecting a “slight” cash flow miss for the Q3 results, but believes the stock is “too cheap at current levels, and holds limited downside with a superior balance sheet.” CIBC also remains “intrigued” at Paramount’s multi-year, liquids-rich, growth program beginning in the Duvernay, which will start at Willesden Green in 2025.