Canadian Natural upgraded at Scotiabank following ‘overdone’ underperformance

As previously reported, Scotiabank analyst Kevin Fisk upgraded Canadian Natural (CNQ) to Outperform from Sector Perform with a C$56 price target Over the last 12 months, the stock has underperformed its Canadian and international large cap peers due to its tariff exposure and weaker oil prices, but this underperformance “presents an opportunity to buy a high-quality company at an attractive price,” the analyst tells investors. In addition to viewing the recent underperformance as “overdone,” the firm argues that fundamentals remains strong and that Canadian Natural will “disproportionately benefit” when the tariff dispute is resolved and/or oil prices move higher.