UPDATE: Canaccord Genuity Initiates Imperial Oil Limited at Hold on Headwinds

Canaccord Genuity initiated coverage on Imperial Oil Limited

with a Hold rating and a $47.00 price target. Canaccord Genuity noted, "We are initiating coverage of Imperial Oil with a HOLD rating and a $47 target. We see many headwinds that will challenge the stock's share price performance. … Bulls are likely to point out how IMO's premium valuation having narrowed recently is a Buy signal. We caution that the massive cash flow overspend and concerns around reduced returns as IMO gets greater exposure to Kearl (which we believe has skinny economics) are relative overhangs on the shares. price. Additionally, any operational mishap at Kearl could further hurt share price performance, in our view." Imperial Oil Limited closed at $44.01 on Friday.