UPDATE: Goldman Sachs Upgrades Canadian Natural Resources Limited (CNQ) to Buy, 'material FCF generation at our above consensus oil price view'
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Goldman Sachs analyst Neil Mehta upgraded Canadian Natural Resources Limited (NYSE: CNQ) from Neutral to Buy with a price target of $44.00 (from $38.00).
The analyst comments "We see attractive total return for CNQ at 23% following the stock’s relative underperformance since Jan 2021 (CNQ +40.4% vs. Canadian Oils average +53.7%). On our estimates, we see CNQ as able to benefit from the stronger commodity price environment, generating 20% FCF yield in 2022 (GS at US$75/bbl Brent) enabling deleveraging and potential for buybacks, including its already peer-leading dividend."
Shares of Canadian Natural Resources Limited closed at $36.97 yesterday.
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