- RBC Capital analyst Greg Pardy raised the price target for Suncor Energy Inc. SU 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.
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