Birchcliff Energy upgraded to Outperform from Sector Perform at National Bank

National Bank analyst Dan Payne upgraded Birchcliff Energy (BIREF) to Outperform from Sector Perform with a price target of C$8, up from C$6. The analyst cites the firm’s optimism for structural change in the North American gas market while noting that the company holds one of the highest sensitivities to the evolving gas price landscape. National Bank adds that Birchcliff’s operating leverage, in association with its recent pivot towards reinvestment, positions it to maximize its value proposition over the long term.