RBC Capital Bumps Up Suncor Energy Price Target By 12%

Akanksha Bakshi

  • RBC Capital analyst Greg Pardy raised the price target for Suncor Energy Inc. (TSX: SU) (NYSE: SU) to C$47 from C$42 while maintaining the Sector Perform rating on the shares.

  • The analyst states that Suncor’s Q1 results were solid while its conference call was uneventful.

  • Pardy mentions that Suncor’s operating performance path will determine its relative market performance over the coming months.

  • Pardy believes Suncor should trade at an average/below average multiple vis-à-vis peer group given its physical integration, free cash flow generation, and shareholder returns, partly offset by disappointing operating performance in recent years.

  • Price Action: SU shares are trading higher by 3.85% at C$46.43 on TSX and higher by 4.22% at $35.79 on NYSE on the last check Wednesday.

Latest Ratings for SU

Mar 2022

Wells Fargo

Maintains

Overweight

Feb 2022

RBC Capital

Downgrades

Outperform

Sector Perform

Feb 2022

Tudor Pickering

Downgrades

Buy

Hold

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