JPMorgan analyst Arun Jayaram downgraded Cenovus Energy (CVE) to Neutral from Overweight with a price target of C$25, down from C$29. The firm adjusted ratings in the integrated oils sector as part of its 2026 outlook. The outlook for the group continues to shaped by supply side risks for oil, but a more constructive outlook downstream, the analyst tells investors in a research note. Amid the rise in geopolitical risks, JPMorgan says the U.S. majors screen more attractive than the Canadian integrateds. It cites relative valuations for the rating changes.
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