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Investing.com - Raymond James upgraded Birchcliff Energy Ltd. (TSX:BIR) (OTC:BIREF) from Market Perform to Outperform and raised its price target to C$8.00 from C$7.50.
The upgrade follows Birchcliff’s second-quarter 2025 results, which exceeded Raymond James’ expectations. The company’s performance was driven by lower capital spending, deep in-the-money basis swaps, and ongoing operational efficiencies.
Raymond James noted that while Birchcliff’s leverage is higher than its gas-weighted peers, the company’s second-half free cash profile should accelerate debt repayment, bringing it into alignment with peers and increasing optionality into 2026.
The investment firm raised its estimates for Birchcliff alongside the target price increase to C$8.00 per share, reflecting improved confidence in the company’s financial trajectory.
Raymond James highlighted Birchcliff’s "simple, drama-free model" as likely to resonate through the second half of the year, with management planning to spend the third quarter positioning the company to take advantage of stronger winter pricing.
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