CIBC has revised its price target for Kelt Exploration (KELTF, Financial), bringing it down to C$10.75 from C$11.50, while maintaining an "Outperformer" rating on the company’s shares. This adjustment reflects the recent market turbulence following OPEC+'s unexpected decision to accelerate the discontinuation of their voluntary production cuts, which has led to a marked decline in oil prices.
The decision by OPEC+ stirred concerns over the global oil supply and demand balance, prompting analysts to reassess future oil price projections. This reevaluation is part of CIBC's broader analysis as they prepare a first-quarter earnings preview for the energy sector. Despite the downward adjustment in price expectations, CIBC continues to see potential in Kelt Exploration's performance, underscoring their positive outlook with an "Outperformer" rating.
