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Cardinal Energy Upgraded at Raymond James, Advantage Energy and Birchcliff Energy Downgraded

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Raymond James adjusted its ratings on three Canadian energy stocks on Wednesday.

Analyst Michael Barth upgraded Cardinal Energy Ltd. (CJ.TO) to outperform from market perform, and raised his price target to CA$15 from CA$12.

Barth downgraded Advantage Energy Ltd. (AAV.TO) to market perform from outperform, and reduced his target to CA$13 to CA$14.

The analyst downgraded Birchcliff Energy Ltd. (BIR.TO) to market perform from outperform, and lowered his price target to CA$8 from CA$8.50.

"While we continue to see longer-term value in both AAV and BIR, tactically we think continued positioning in oil-weighted names makes sense today," Barth said in a note to clients.

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