Parkland downgraded to Tender from Outperformer at CIBC

CIBC downgraded Parkland (PKIUF) to Tender from Outperformer with a C$44 price target after Sunoco (SUN) offered to acquire Parkland for $9B. CIBC says Simpson Oil’s support of the proposed transaction removes the potential upside optionality as the firm believed there was a possibility Sunoco would need to raise its bid, the analyst tells investors in a research note. CIBC does not see significant regulatory risk to this transaction.