Scotiabank upgrades Canadian Natural Resources to 'sector outperform'

Scotiabank upgrades rating on oil and gas company Canadian Natural Resources CNQ.TO to "sector outperform" from "sector perform"

CNQ shares up 2.8% at C$44.05 amid surging oil prices

Brokerage says CNQ has underperformed its Canadian and international large cap peers over the past 12 months due to its tariff exposure and weaker oil prices

Adds that this underperformance is excessively emphasized

Brokerage expects CNQ to outperform if the tariff dispute is fully resolved

"CNQ would also disproportionately benefit from higher oil prices because it would accelerate a step change in the company's shareholder returns" - Scotiabank

Eleven of 21 brokerages rate the stock "buy" or higher, 10 "hold"; their median PT is $56, according to data compiled by LSEG

Including sessions moves, stock down ~1% YTD