RBC raises PT on Imperial Oil, maintains rating
Brokerage RBC Capital Markets raises price target on Canadian oil producer Imperial Oil IMO.TO to C$115 from C$108, maintains "Sector Perform" rating
The new price target represents a downside of ~12% to the stock's last close, while the rating means RBC Capital Markets expects IMO to deliver returns in line with its sector over 12 months
IMO's strong balance sheet, better utilization of capital and "commitment to returning cash to shareholders" make it a good bet, because it "offers simultaneous offense-defense for energy investors," - RBC Capital Markets
Brokerage expects to become more bullish towards IMO amid a relative pullback of the stock
3 of 17 brokerages rate the stock "Buy", 10 "hold" and 4 "sell" or lower; median PT is C$108
Up to last close, stock down 47.3% YTD
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