UPDATE: Raymond James Resumes Coverage on Cenovus Energy on Attractive Entry Point

In a report published Tuesday, Raymond James analyst Chris Cox resumed coverage on Cenovus Energy (NYSE: CVE) with an Outperform rating and $38.50 price target.

In the report, Raymond James noted, “We are resuming coverage on Cenovus Energy Inc. (Cenovus) with an Outperform rating and $38.50 target price. We believe the noticeable underperformance of the shares in 2013 (-16% vs. the TSX Energy Index) represents an attractive entry point for what we believe to be a top-tier energy company in the Canadian capital markets.”

Cenovus Energy closed on Monday at $29.33.