Cenovus Energy price target raised to C$37 from C$31 at National Bank

National Bank raised the firm’s price target on Cenovus Energy to C$37 from C$31 and keeps an Outperform rating on the shares. The analyst remains constructive on both crude oil and natural gas supply/demand fundamentals over the short to medium term, while acknowledging the continued concerns surrounding a potential global recession, prolonged periods of inflation hampering demand and the potential for macro contagion.