In a note releases Tuesday, Morgan Stanley analyst Evan Calio initiated coverage of Canadian Natural Resources Limited CNQ with an Overweight rating and announced a price Target of C$51 (Current exchange rate US$1 = C$1.12).
In describing his position on Canadian Natural Resources, Calio listed four key factors that contributed to his rating and valutaion:
Market News and Data brought to you by Benzinga APIs- Canadian Natural Resources is best positioned to benefit from 2014 macro tailwinds (higher WCS).
- Market confidence is returning to Horizon operations and execution.
- The stock is pricing in only ~US$60/bbl WCS, while heavy oil prices are currently at ~US$77/bbl.
- The stock is just starting to catch up to historical valuation multiples, trading at 5.0x EV/DACF vs. its peak of 7.9x.
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