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Research Alert: CFRA Maintains Sell Rating On Shares Of Canadian Natural Resources Limited

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 2-STARS (Sell) rating and reduce our TP to USD41 from USD45. This combines relative valuation and DCF analyses. We apply 6.8x EV to projected 2027 EBITDA, which is in line with current levels, yielding $40. Our DCF model yields a value of $43. We continue to believe there is downside risk to crude pricing via a peaceful truce or demand degradation. While CNQ is capitalizing on the 'sugar rush' of crude pricing through its aggressive buybacks, we look through to normalized prices in FY 27. Q1 adjusted EPS was up CAD0.01 Y/Y on 3% growth in production to 1,643k boepd and lower realized crude and SCO pricing (-5-6%). YTD, CNQ has repurchased +CAD600M in shares, with CAD300M coming in April alone. We lift our FY 26 EPS estimate to CAD5.90 (from CAD3.70) and FY 27's to CAD4.36 (from CAD4.10).

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