Canadian Natural upgraded to Outperform from In Line at Evercore ISI

Evercore ISI upgraded Canadian Natural (CNQ) to Outperform from In Line with an unchanged price target of C$58. Despite “one of the most consistent management approaches in the industry,” the stock has lagged year-to-date after a Q4 acquisition that saw net debt rise above the target range and given uncertainty around tariffs, note the analyst. However, “not enough has changed” to warrant the 11% lag in the shares relative to the MSCI Energy index, the analyst argues.