BUZZ-Raymond James lifts Canadian Natural Resources' PT on higher production, improved unit costs
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Raymond James has raised the price target for Canadian Natural Resources (CNQ.TO) from C$52 to C$54, indicating a potential upside of 25.2%. The firm noted that production met expectations, cash flow exceeded consensus, and operating costs were lower than anticipated. They consider CNQ a high-quality upstream player in Canada with a strong balance sheet and low free cash flow breakeven. Despite a 5.8% decline in stock price year-to-date, 14 out of 20 brokerages rate the stock as a 'buy' or higher, with a median price target of C$52.
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