UPDATE 1-RESEARCH ALERT-CIBC downgrades 5 Canadian energy cos

Tue Jul 17, 2012 5:40am EDT

* Cuts 2012 Brent estimates by $13.50 to $104/barrel

* Cuts 2013 Brent estimates by $12.50 to $97.50/barrel

* Cuts Baytex Energy to "sector perform"

July 17 (Reuters) - CIBC World Markets downgraded several Canadian energy companies, including Baytex Energy Corp , and reduced its price targets on a host of others on the back of its reduced oil price forecasts.

Analyst Andrew Potter cut 2012 Brent oil price forecast by $13.50 to $104 per barrel and 2013 forecast by $12.50 to $97.50. The brokerage also reduced its long-term forecast on the fuel by $5 to $95 per barrel and on WTI by $15 to $85 per barrel.

The brokerage cut Baytex, Bonterra Energy Corp, C&C Energia Ltd and Twin Butte Energy ltd to "sector performer" from "sector outperformer."

CIBC said Baytex was exposed to soft prices for heavy oil.

It downgraded Bonterra on valuation and said the company may be bought out this year.

The brokerage also said it expects growth to be muted for C&C Energia and Twin Butte.

CIBC analysts reduced Anderson Energy Ltd to "sector underperformer" from "sector performer", saying high debt eroded the company's equity value.

The brokerage also upgraded Arcan Resources Ltd and Pinecrest Energy Inc to "sector outperformer" from "sector performer."

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