TD Securities raised its price target on Spartan Delta Corp. (SDE.TO) to $9.50 from $7.50 on Tuesday.

Analyst Aaron Bilkowski maintained a Buy rating on shares of the Calgary-based oil and gas company following the release of its 2026 capital budget and production guidance.

"Although Spartan experienced material share price gains in 2025, the value of the Duvernay has materially improved and there is significant upside remaining," Bilkowski said in a note to clients.

"We estimate that only 36% of the US$60/bbl WTI pricing scenario or 24% of the US$70/bbl scenario is currently reflected in Spartan's share price," the analyst said.

"This represents 101% potential upside from the current share price over time at US$60/bbl WTI or 183% potential upside at US$70/ bbl WTI."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)