Goldman Sachs downgraded Imperial Oil to Neutral from Buy with an C$85 price target. The analyst cites the stock’s outperformance and relative valuation for the downgrade. Following the outperformance, the firm now sees 11% total return to Imperial Oil versus 23% total return to its Buy-rated Canadian oils average. Goldman says Imperial continues to execute well at its most important asset, Kearl, and should generate solid free cash flow enabling share repurchases and dividend grow.
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