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UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Canadian Narural Resource

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JP Morgan Initiates Canadian Natural Resource With Overweight

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Canadian Natural Resource (NYSE: CNQ), but lowered its price target from $36.00 to $34.00.

BMO Capital noted, “Canadian Natural has a diverse portfolio of long-life assets and development opportunities coupled with a track record of generating shareholder value. We believe that share price performance could improve as Horizon delivers more consistent operating results and more importantly free cash flow; however, in the near term, share performance will likely continue to be impacted by the direction of heavy crude oil prices, which could remain under downward pressure over the next six months. Our revised $34 target price implies a 17% discount to our 2013 net asset value estimate.”

Canadian Natural Resource closed on Thursday at $28.02.

Latest Ratings for CNQ

DateFirmActionFromTo
May 2015JP MorganInitiates Coverage onOverweight
May 2015RBC CapitalMaintainsOutperform
Apr 2015UBSInitiates Coverage onBuy

View More Analyst Ratings for CNQ
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Price Target Analyst Ratings

 

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