Raymond James lifts Canadian Natural Resources' PT on higher production, improved unit costs
** Raymond James raises PT on oil and gas producer Canadian Natural Resources CNQ.TO to C$54 from C$52
** New PT represents upside of 25.2% to stock's last close
** "Production was in-line while cash flow from operations beat consensus and operating expenses were also better than expected," Raymond James says
** Brokerage views CNQ as one of higher quality upsteam names in Canada, with increasingly attractive valuation to match
** "We still view the balance sheet as rock solid given CNQ has one of the lowest sustaining free cash flow breakevens in Canada," Raymond James says
** Adds stock has lagged peer group YTD, creating compelling buying opportunity
** 14 out of 20 brokerages rate stock "buy" or higher, 6 "hold"; median PT is C$52 - data compiled by LSEG
** As of last close, CNQ stock down 5.8% YTD
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