Analyst Actions: TD Securities Upgrades Imperial Oil, Raises Price Target
Imperial Oil Ltd. (IMO.TO) has always been the most expensive name among integrated oil producers, but its relative valuation is not reason enough to avoid the name, said TD Securities Inc. analyst Menno Hulshof, the Globe & Mail reported.
He upgraded Imperial to "buy" from "hold," citing strong production growth thanks to the ramp-up at its Kearl Lake operations, a balance sheet that can fund an aggressive development program, hedges that offset the problem of wide differentials, and the recent pullback in share price.
Hulshof raised his price target by $6 to $52.
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