Shares of Suncor Energy (NYSE: SU) rose Wednesday after a Deutsche Bank analyst upgraded the firm from Hold to a Buy.

Shares of Suncor rose $2.61, or 3.52 percent, to close at $76.84 in trading on the New York Stock Exchange.

Suncor's massive oil sands position are expected to generate sustained production growth with no declines over the next 50 years,” said analyst Paul Sankey in a note to clients this morning.

The bank upgraded the Calgary, Canada-based energy company’s target price to $100 from $95. The target price implies an upside of 34.7 percent from the current price.

The stock's has traded between a 52 week high of $89.88 and a low of $63.77.