ARC Resources price target raised to C$34 from C$33 at Scotiabank

Scotiabank raised the firm’s price target on ARC Resources to C$34 from C$33 and keeps an Outperform rating on the shares. The firm expects NYMEX prices to rise in the second half of 2024, with a “strong” Q4 anticipated, the analyst tells investors. Scotiabank foresees a “rougher ride” for AECO prices, particularly during the summer, but also expects the startup of LNG Canada to create significant slack in the system in 2025 and 2026.