Spartan Delta upgraded to Outperformer from Neutral at CIBC

CIBC upgraded Spartan Delta to Outperformer from Neutral with a price target of C$6, up from C$4, following the release of the company’s Q1 earnings results. The analyst noted that cash flow beat consensus expectations on in-line production while capital spending was slightly ahead of consensus, adding that the company increased its full-year spending and production guidance. The firm sees the current valuation as “attractive relative to the scale of Spartan’s assets in an emerging part of the play.”