RBC Capital Bumps Up Suncor Energy Price Target By 12%

May 11, 2022 3:24 PM | 1 min read |

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.