JPMorgan downgraded MEG Energy to Neutral from Overweight with a C$33 price target. MEG has the highest oil price torque in the group, with little current hedge exposure capping upside, the analyst tells investors in a research note. The firm likes the medium-term outlook for MEG, but after the strong share outperformance in 2023, it says upside to the price target looks near average for the Canadian integrated oil group.
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Read More on MEGEF:
- MEG Energy price target lowered to C$30 from C$31 at TD Securities
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