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Gold/Mining/Energy : Big Dog's Boom Boom Room

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Jacob Snyder

To: Dennis Roth who wrote (180409)	9/25/2013 4:35:42 AM
From: Dennis Roth	2 Recommendations Read Replies (1) of 206164

Suncor Energy Inc (SU.TO) Initiation of Coverage 23 September 2013 ¦ 60 pages ir.citi.com Cash Flow Distribution Story Balanced by Low Return Projects Recommendation - We are initiating coverage of Suncor Energy (SU) with a Neutral (2) rating and $40 target price. We believe Management’s efforts to return more capital back to the shareholders and its strategy to optimize its existing assets is already incorporated into the stock. With the stock now up 20% since end of June on a 54% increase in the dividend announced earlier in the year and the recent disclosure that Berkshire Hathaway took a stake in SU, we see modest upside from current levels. We estimate Fort Hills and Joslyn are marginal projects and will not provide SU shareholders significant value. We also estimate SU’s Returns on Capital Employed (ROCE) through 2020 will remain in the high single digits. We therefore rate Suncor’s shares Neutral.

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