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Analyst Actions: Canaccord Upgrades Progress Energy on Foothills Montney Resource Evaluation

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Canaccord Genuity analyst Steve Toth said in a research note today that Progress Energy Resources Corp. (PRQ.TO) has received an independent resource evaluation for a portion of its Foothills Montney lands in British Columbia, "a significant development as it confirms the sizeable resource base required to substantiate the development of a 20-plus year liquefied natural gas facility," the Globe and Mail reported. Mr. Toth also noted that it increases the chances of a long-term partnership with Petronas, the Malaysian national oil company that also has interests in the region.

Canaccord Genuity upgraded the rating to a "buy" from "hold" and raised his price target by $1 to $16.50.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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