Canaccord Boosts Petro-Canada Price Target

Petro-Canada (PCZ) got a price hike from Canaccord analyst Terry Peters following the oil company's solid first quarter results that were ahead of the Street's expectations.

Highlighting Petro's double digit growth in upstream production volumes and an all-time record quarterly earnings contribution of C$183-million from the downstream business, Mr. Clark increased his Petro price target from C$60 to C$68 and left his “buy” rating unchanged,

"We have increased our outlook for 2007. Higher production and better downstream earnings has boosted operating earnings per share and cash flow per share forecasts to C$5.63 and C$9.29 respectively, from our previous C$5.05 and C$8.56." he said in a note to clients.