Analyst Maintains Hold on Suncor, Sees Balanced Risk-Reward and Reiterates Unchanged $93 Price Target

Analyst Lloyd Byrne from Jefferies maintained a Hold rating on Suncor Energy and keeping the price target at C$93.00.

Lloyd Byrne has given his Hold rating due to a combination of factors, starting with Suncor’s ability to generate cash flow that modestly topped both his forecast and the Street’s, largely on the strength of the exploration and production segment. While this operational performance is encouraging, it was aided by lower share-based compensation and other non-core cash items, making the beat less compelling as a long‑term trend signal.

At the same time, working capital movements were a notable drag, and investors will be watching closely for management’s plans to reverse this headwind. With capital spending running slightly below expectations and free cash flow remaining solid but not transformative, Byrne sees a balanced risk‑reward profile and therefore keeps a neutral stance, maintaining his unchanged $93 price target.

In another report released on April 21, Scotiabank also maintained a Hold rating on the stock with a C$90.00 price target.