Baytex Energy price target lowered to C$3.50 from C$5.50 at Scotiabank

Scotiabank lowered the firm’s price target on Baytex Energy (BTE) to C$3.50 from C$5.50 and keeps a Sector Perform rating on the shares. The firm is updating its price targets on the Canadian E&P stocks in its coverage, the analyst tells investors. The firm expects weak global oil prices to weigh on Canadian oil benchmarks in 2025 and 2026.