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Fly News Breaks for July 13, 2016
CVE
Jul 13, 2016 | 05:12 EDT
Barclays analyst Paul Cheng double upgraded Cenovus Energy to Overweight from Underweight after raising his Americas Integrated Oil sector view to Positive. The global oil market is currently in the "midst of a continued upward trajectory" in which Brent could average $85 by Q4 of 2017 and $80-$90 between 2018 and 2021, Cheng tells investors in a research note. He points out that since early June, Cenovus shares have declined 10%, the worst performer of the group. The analyst raised his price target for the stock to C$24 from C$20.
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