11:15 AM EDT, 08/05/2025 (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 CAD 24, up CAD 1, reflects a 4.8x multiple of EV to projected '26 EBITDA, in line with CVE's historical forward average. We cut our '25 EPS estimate by CAD 0.40 to CAD 1.68, and '26's by CAD 0.35 to CAD 1.85. CVE took on a heavy turnaround schedule in Q2 (both upstream and downstream), which came in ahead of schedule and under budget. Q2 production was hampered to a degree by wildfires that forced an orderly shutdown of Christina Lake, followed by a subsequent restart. Christina Lake production averaged 218,000 b/d in Q2, but averaged more than 250,000 b/d in July. On the downstream front, we think CVE has the wind at its back following six quarters' worth of turnaround activity, and thus should see strong utilization through late '26. We note that refining opex per barrel continues to drop. We also expect upstream capex to drop in '26. Barring a major relapse in benchmark prices, we think free cash flow will improve in '26.