Goldman Sachs analyst Neil Mehta reinstated coverage of Cenovus Energy (CVE) with a Buy rating and $20 price target which offers 21% total return from current levels. The firm sees Cenovus posting “strong” free cash flow growth over the long-term. The sale of the company’s 50% interest in the Wood River and Borger refineries along with the acquisition of MEG Energy improved its fundamentals, the analyst tells investors in a research note.
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