BofA/Merrill Lynch Downgrades Suncor Energy (SU) to Neutral

BofA/Merrill Lynch downgraded Suncor Energy (NYSE: SU) from Buy to Neutral with a price target of $37.00 (from $41.00) saying oil sands pressure is mounting.

Analyst Peter Ogden cited weaker near-term oil prices, negative free cash flow, weaker refining, and capital spending on Fort Hills. The analyst continues to like SU's relative valuation in the integrated peer group at 8.1x EV/DACF (8.1x average) and strong balance sheet (15% debt to capital versus 23% average).

For an analyst ratings summary and ratings history on Suncor Energy click here. For more ratings news on Suncor Energy click here.

Shares of Suncor Energy closed at $28.21 yesterday.

You May Also Be Interested In

• Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies
• Merck (MRK) PT Raised to $143 at Truist Securities
• Comcast Corp (CMCSA) PT Lowered to $48 at Pivotal Research