Scotiabank analyst Jason Bouvier upgraded Cenovus Energy to Outperform from Sector Perform with a price target of C$30, up from C$28. With both the upstream and downstream running at more normalized rates, the company’s Q3 will act as a good indicator of its true cash flow capability, the analyst tells investors in a research note. The firm believes strong execution in the second half of 2023, coupled with robust oil prices, will act as a catalyst for additional share price upside for Cenovus Energy.
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