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.