RBC Capital Bumps Up Suncor Energy Price Target By 12%

• RBC Capital analyst Greg Pardy raised the price target for Suncor Energy Inc. (TSX:SU) (NYSE:SU) to C$47 from C$42 while maintaining the Sector Perform rating on the shares.
• The analyst states that Suncor’s Q1 results were solid while its conference call was uneventful.
• Pardy mentions that Suncor’s operating performance path will determine its relative market performance over the coming months.
• Pardy believes Suncor should trade at an average/below average multiple vis-à-vis peer group given its physical integration, free cash flow generation, and shareholder returns, partly offset by disappointing operating performance in recent years.
• Price Action: SU shares are trading higher by 3.85% at C$46.43 on TSX and higher by 4.22% at $35.79 on NYSE on the last check Wednesday.