RBC Capital raised the firm’s price target on Cenovus Energy (CVE) to $32 from $30 and keeps an Outperform rating on the shares. A visit to Cenovus’s 151,000 bbl/d Toledo refinery reinforced confidence in the company’s push to revamp its U.S. refining operations, which have historically weighed on valuation, the analyst tells investors in a research note. Achieving consistently stronger downstream performance could meaningfully support further share price outperformance, RBC says.
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