CIBC attributes decision to valuation changes resulting from changing macro sentiment.
CIBC has cut its stock price target for Canadian Natural Resources Ltd. (TSX: T.CNQ, Stock Forum) (NYSE: CNQ, Stock Forum) to $34 from $35 on valuation changes due to the changing macro sentiment.
News of the reduced target sent Canadian Natural Resources shares down 1.2% Tuesday to $30.08, leaving the company with a market cap of $32.8 billion, based on one billion shares outstanding. The 52-week range is $41.12 and $25.58.
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