Suncor downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Roger Read downgraded Suncor to Equal Weight from Overweight with a price target of C$43, down from C$51. The analyst reduced his EBITDA multiple based on the company’s "continuing poor" operational performances combined with average capital investment performance "at best." The recent accident at Suncor’s Colorado refinery implies the company’s operational challenges are no longer limited to the oil sands arena, Read tells investors in a research note. The analyst is concerned that significant accidents occurring across multiple operating segments implies a deeper safety culture shortfall.