Cenovus Energy price target lowered to C$28 from C$32 at CIBC

CIBC analyst Dennis Fong lowered the firm’s price target on Cenovus Energy (CVE) to C$28 from C$32 and keeps an Outperformer rating on the shares. The decision from OPEC+ to accelerate the phaseout of voluntarily curtailed production surprised the market, and concerns over the pending supply and demand balance sharply pushed oil prices lower, the analyst tells investors in a research note. The firm adjusted oil price expectations lower as part of a Q1 earnings preview for the energy sector.