Cenovus Energy price target lowered to C$30 from C$31 at Morgan Stanley

Morgan Stanley analyst Devin McDermott lowered the firm’s price target on Cenovus Energy (CVE) to C$30 from C$31 and keeps an Overweight rating on the shares. Despite generally cautious investor sentiment on oil markets, the energy sector has had a strong start to 2025, rising 8% year-to-date and outperforming the S&P by about 10%, notes the analyst, who updated models in the group for year-end reserves, the latest commodity prices and 2025 guidance. Following the updates, the firm’s median gas E&P price target rises 9%, while oil E&P targets falls 11%, the analyst noted.