Morgan Stanley Raises CNQ Target on Strong Oil and Refining Margins

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Morgan Stanley has increased its price target for Canadian Natural Resources Limited (CNQ) from C$52 to C$66, maintaining an Equal Weight rating. This adjustment reflects strong oil, LNG, and refining margins, which are at their highest levels since 2022, and the expectation that these market conditions will persist. The firm also updated its price assumptions for 2026 WTI benchmark, NGLs, and refining cracks, leading to higher EBITDA estimates for North American energy companies.

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