01:30 PM EDT, 05/14/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of CAD23, cut CAD3, reflects a 4.5x multiple of enterprise value to projected 2026 EBITDA, slightly below CVE's historical forward average. We think a discount is reasonable in light of CVE's guidance that implies back-end-loaded growth for 2025, and raises some execution risk. We cut our 2025 EPS estimate by CAD0.27 to CAD2.08 and 2026's by CAD0.60 to CAD2.20. On the one hand, recent drops in WTI crude oil have put some pressure on many producers, although the WCS discount to WTI has narrowed, so the overall impact on realized pricing is not as bad as it could have been. CVE has some planned maintenance both upstream and downstream in Q2, and we note that upstream production growth of 2% in Q1 is shy of the 4% target that CVE laid out in its guidance for the year. As a result, we think if CVE is to achieve that growth, it's likely coming in 2H 2025, which raises risk of delays into 2026.