TD Securities downgraded Imperial Oil (IMO) to Sell from Hold with a price target of C$104, up from C$102. The company’s “high-quality” assets and “defensiveness” now comes at a high price, the analyst tells investors in a research note. The firm cites valuation for the downgrade to Sell. Energy equities have been resilient through broader commodity weakness, which has driven valuations higher, the analyst tells investors in a research note.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IMO:
- Exxon Mobil to cut 2,000 jobs globally, Bloomberg reports
- Imperial Oil to cut 20% of workforce in restructuring, says guidance ‘unchanged’
- Imperial Oil downgraded to Sell from Hold at TD Securities
- Imperial Oil Announces Strategic Restructuring for Enhanced Efficiency and Growth
- Imperial Oil price target raised to C$115 from C$108 at RBC Capital