UPDATE: Raymond James Resumes Coverage on Canadian Natural Resources on Approaching Macro Headwinds

In a report published Tuesday, Raymond James analyst Chris Cox resumed coverage on Canadian Natural Resources Ltd. (NYSE: CNQ) with a Market Perform rating and $38.00 price target.

In the report, Raymond James noted, “While we view Canadian Natural's long-term free cash flow potential as a compelling investment proposition, we are concerned with what we believe to be a number of macro headwinds facing the company, as well as concern regarding the heightened importance of the Horizon Phase 2/3 expansion to the future outlook for the company. We believe the shares are fairly valued at the current price and would suggest waiting for a more attractive entry point.”

Canadian Natural Resources closed on Monday at $32.74.