Suncor downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Randy Ollenberger downgraded Suncor Energy to Market Perform from Outperform with a price target of C$44, down from C$52. Despite the company possessing peer-leading downstream operations, “it still has a lot of work to do to get back into investors’ good graces,” the analyst tells investors in a research note. The firm says poor performance at Fort Hills, coupled with the looming Base Mine depletion date, has created an overhang on the share price. BMO believes Suncor shares will continue to underperform its large cap Canadian peers until these issues are resolved.