Suncor downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Suncor (SU) to Equal Weight from Overweight with a price target of C$56, down from C$57. Shares have risen 23% year-to-date, outperforming Canadian peers by about 14% on the back of strong operations, a series of strong quarterly results, and higher shareholder returns, notes the analyst. The company’s 9% free cash flow yield in 2025 is now fairly in-line with peers and shares hit the firm’s price target in recent weeks, the analyst added.