Parex Resources upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded Parex Resources to Outperform from Sector Perform with a price target of C$33, up from C$30. Parex posted a decent quarter with volumes lighter than anticipated, but offers a favorable setup into 2024, the analyst tells investors in a research note. The firm says production volumes are trending higher while the stock has a “deeply discounted valuation.”