North American Construction price target lowered to C$37 from C$38 at CIBC

CIBC lowered the firm’s price target on North American Construction (NOA) to C$37 from C$38 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.