CIBC has revised its price target for ARC Resources (AETUF, Financial), reducing it from C$35 to C$33 while maintaining an Outperform rating on the stock. This adjustment comes in the wake of OPEC+'s unexpected decision to expedite the cessation of voluntary production cuts, an announcement that has significantly impacted market sentiment and led to a drop in oil prices.
Analysts at CIBC highlighted the potential repercussions on supply and demand dynamics within the oil sector. As part of a broader assessment of the energy market ahead of the first-quarter earnings reports, the firm has adjusted its oil price expectations downward. This recalibration reflects the shifting landscape and uncertainties emerging in global oil markets.
