Canadian Natural Resource Rated Conviction Buy At Goldman (CNQ)

Goldman Sachs put Canadian Natural Resource Ltd (USA) (NYSE: CNQ) on the Conviction Buy List, as it sees approximately 15% upside to shares. It has a $42 price target on shares.

Goldman states in a note sent to clients, "With concern about a US double-dip recession and hard landing in China fading, we reaffirm our call for a slow “grind higher” for WTI crude oil prices and a move to a higher $85-$95/bbl trading band in 4Q2010 relative to the $68-$82/bbl band that has prevailed for the past 15 months. 4Q2010
appears on-track to mark the full recovery in global oil demand to pre-recession highs, adding confidence to our view that a combination of OPEC spare capacity and inventories will show declines starting this quarter."

Shares of CNQ lost 30 cents on Friday to close at $37.20, a loss of 0.8%.