Wells Fargo upgraded Suncor Energy to Overweight from Equal Weight with a price target of C$54, up from C$44. The analyst believes the company’s new senior management has the vision and strategy to improve execution, returns and free cash flow. The firm expects Suncor to begin to materially address and resolve the majority of its operational challenges. Its revised estimates reflect a new crude price deck along with slightly better crude price capture in 2024 and 2025. Higher downstream margin assumptions also contribute positively, notes Wells.
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