Canadian Natural price target lowered to C$51 from C$56 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Canadian Natural (CNQ) to C$51 from C$56 and keeps an Equal Weight rating on the shares. Among its North American energy coverage, the firm refreshed estimates to reflect recent declines in oil prices, bringing 2025-26 cash flow forecasts below consensus, the analyst noted. Given an uncertain market backdrop, the firm now assumes a larger discount to net asset value implied multiples for small and mid cap producers and those with execution uncertainty. Soft oil fundamentals in the near-to-medium term keep the firm’s E&P industry view at In-Line, the analyst added.