Suncor Energy Price Target Raised to $70 at RBC

MT Newswires Live01-09

RBC Capital Markets raised its price target on Suncor Energy Inc. (SU.TO, SU) to $70 from $67.

Analyst Greg Pardy maintained an Outperform rating on shares of the Calgary-based integrated energy company.

"Suncor's upcoming investor day on March 31 should serve to narrow the perception gap between its reserve bookings and vast oil sands resource base and afford further support for its relative valuation," Pardy said in a note to clients.

"Our recent institutional breakfast in Toronto with Suncor Energy's President & CEO, Rich Kruger, CFO, Troy Little and CHRO & SVP, External Affairs, Adam Albeldawi reinforced our conviction in the company's long-term outlook and market appreciation potential."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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