JPMorgan analyst Phil Gresh downgraded Cenovus Energy to Neutral from Overweight with a price target of C$12, down from C$15. The analyst downgraded the shares after lowering estimates and price targets for the North American integrated oils to reflect a reduction in strip pricing through 2022. JPMorgan cut its expectations for most commodity prices to more closely align with the forward curve, Gresh tells investors in a research note. On capital spending, the analyst reduced growth capex forecasts for some companies with higher levels of financial leverage, including Cenovus.