JPMorgan analyst Arun Jayaram double downgraded Vermilion Energy (VET) to Underweight from Overweight with a price target of C$12, down from C$16. The firm cites a less favorable valuation compared to peers, particularly on its updated 2026 estimates, for the downgrade. It sees potential risk to Vermilion ‘s narrative if there is a resolution to the Russia-Ukraine war in 2025, saying this could lead to the restart of Russian pipeline gas flows to Europe as part of a negotiated end of the conflict.
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