ARC Resources price target lowered to C$33 from C$35 at CIBC

CIBC lowered the firm’s price target on ARC Resources (AETUF) to C$33 from C$35 and keeps an Outperformer rating on the shares. The decision from OPEC+ to accelerate the phaseout of voluntarily curtailed production surprised the market, and concerns over the pending supply and demand balance sharply pushed oil prices lower, the analyst tells investors in a research note. The firm adjusted oil price expectations lower as part of a Q1 earnings preview for the energy sector.