Scotiabank has revised its price target for Athabasca Oil (ATHOF, Financial), adjusting it from C$7 down to C$6.50. Despite this adjustment, the firm maintains an Outperform rating on the shares. This change is part of a broader update by the bank on its price expectations for Canadian exploration and production stocks.
The decision to lower the price target stems from projections of weak global oil prices, which are anticipated to impact Canadian oil benchmarks over the next few years, particularly in 2025 and 2026. Scotiabank's outlook reflects concerns over potential challenges in the oil market that could affect Athabasca Oil's future performance.
