Desjardins analyst Christopher MacCulloch downgraded Suncor to Hold from Buy with a price target of C$49, up from C$48. The analyst noted that the stock has been on “an absolute tear” since the company reported Q2 earnings, trading up ~10% since that time. However, Desjardins believes that “many of the near-term catalysts for the story have now played out” and that other Canadian large caps “offer superior near-term upside potential.”
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