Raymond James upgraded Headwater Exploration (CDDRF) to Outperform from Market Perform with a price target of C$9, up from C$8.50, following the company’s update on progress in the Pelican and Peavine areas including the addition of 57.5 and 10 sections of land, respectively, and plans for 5-7 new play tests and 8-10 offset/follow-ups this year. Exploration results will provide catalysts for the stock through 2025 and come on the back of strong performance in 2024 with 9 successful exploration wells of the 10 drilled, the analyst tells investors in a research note.
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