Raymond James downgraded Cenovus Energy (CVE) to Outperform from Strong Buy with a price target of C$42, up from C$41. The firm views the company’s Q1 report as solid. Cenovus has delivered a total return of 60% since Raymond James upgraded to Strong Buy last October, the analyst tells investors in a research note. The firm cites valuation for the downgrade but continues to view Cenovus as offering among the best risk-adjusted returns in its large cap senior oil and gas coverage.
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