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CIBC lowered the firm’s price target on Ovintiv (OVV) to $48 from $57 and keeps a Neutral rating on the shares. The decision from OPEC+ to accelerate the phaseout of voluntarily curtailed production surprised the market, and concerns over the pending supply and demand balance sharply pushed oil prices lower, the analyst tells investors in a research note. The firm adjusted oil price expectations lower as part of a Q1 earnings preview for the energy sector.
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