Desjardins downgraded Athabasca Oil to Hold from Buy with a C$4.50 price target. The analyst noted that the stock has been “on a run for the ages, racking up a 52.3% return since late June,” but believes valuation is “beginning to stretch with a 2024 strip EV/DACF multiple of 3.7x, which screens toward the upper end of the small- and mid-cap Canadian oil space.”
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