National Bank analyst Dan Payne downgraded Paramount Resources to Sector Perform from Outperform with an unchanged C$40 price target. The analyst cites the impending drag to the company’s results and forecasts resonating from the impact of outages during recent wildfires that is commensurate with that of its effected peers. The firm adds that it anticipates a sequential drag to cash flow per share on the order of 30% to be met by muted share price performance until such time as Paramount Resources’ results and outlook are “cleansed”.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>