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.
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