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