BofA update shows where active managers are putting money
JPMorgan downgraded Parkland Corp (PKI:CN) (OTC:PKIUF) to Neutral from Overweight on Wednesday, lowering its price target to C$41.00 from C$54.00 based on the pending acquisition by Suncor Energy (NYSE:SU).
The downgrade reflects JPMorgan’s decision to adjust its December 2025 price target to match the current deal valuation, which consists of approximately C$21 per share in Suncor corporate units and about $20 per share in cash.
JPMorgan expects Parkland shareholders to approve the acquisition later in June, with the transaction likely to close on its original terms, particularly given the support from Simpson Oil, which holds approximately 20% of Parkland shares.
The research firm cited "limited upside" to its new price target compared to the group average as the primary reason for the downgrade from Overweight to Neutral.
Parkland’s acquisition by Suncor was previously announced, with JPMorgan now valuing the company based on the deal terms rather than standalone fundamentals.
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