Imperial Oil downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Greg Pardy downgraded Imperial Oil to Sector Perform from Outperform with a price target of C$78, down from C$82. The company’s next catalysts revolve around its upcoming April 19 investor open house and the potential for another substantial issuer bid later this year, the analyst tells investors in a research note. However, the firm sees higher relative returns elsewhere among its coverage following Imperial Oil’s "healthy performance" over the past year.