Raymond James upgraded Tamarack Valley Energy (TNEYF) to Outperform from Market Perform with a price target of C$5, up from C$4.50. The company reported a strong Q1, underpinned by a consistent waterflood program that continues to yield favorable results and enhance capital efficiencies, the analyst tells investors in a research note. The firm believes Tamarack is positioned to outperform current guidance for the balance of the year and has flexibility to defer capital to improve its free cash flow profile.
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