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Cenovus, Mullen, Amazon set for price gains

Kevin Van Paassen/Kevin Van Paassen/The Globe and Mail

Solid second-quarter results at Cenovus Energy , especially in its downstream operations, impressed Raymond James analyst Justin Bouchard. Mr. Bouchard continues to recommend the company as "one of the top picks" due to its assets, growth and consistent operating performance.

Upside: Mr. Bouchard increased his price target by $1.50 to $46 and maintained his "outperform" rating.

National Bank Financial analyst Rupert Merer downgraded Algonquin Power and Utilities Corp. The company closed a seven-year $135-million debt offering at an attractive rate. "However, we believe AQN has a relatively high level of maintenance expenditures related to its utility operations," Mr. Merer said.

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Downside: Mr. Merer left the price target untouched at $6 and downgraded the stock to "sector perform" from "outperform."

CIBC World Markets analyst Jeff Fetterly increased his price target on Mullen Group's citing strong revenue from oil sands services and higher-than-expected trucking margins this quarter. Although a labour shortage might hinder growth, Mr. Fetterly believes it will enhance Mullen's pricing power.

Upside: Mr. Fetterly boosted his price target by $2 to $26 and rates the stock "sector perform."

TD Newcrest analyst Vince Valentini adjusted his price target upwards for Rogers Communications Inc. based on 2012 forecasts. However, he finds it "hard to be bullish" on the company. Strong margins in both Roger's cable and media segments boosted Mr. Valentini's forecast, but he also noted weakness in wireless average revenue per user.

Upside: Mr. Valentini kept his rating at "hold" and increased his price target by $2 to $39.

Amazon.com's investments in its distribution and technology infrastructure, coupled with its revenue growth, make it a "buy", said Canaccord Genuity analyst Heath Terry. The online retailer performed above expectations in the second-quarter. Growth drivers such as the Kindle will offset lower margins in the short term, Mr. Terry said.

Upside: Mr. Terry reiterated his "buy" rating and raised his price target to $270 (U.S.) - an increase of $50.

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