RBC Capital Ticks Up Imperial Oil Price Target By 1.5%

Imperial Oil Ltd (TSX:IMO) (NYSE:IMO) price target has been raised to C$66 from C$65 by RBC Capital analyst Greg Pardy while maintaining the Outperform rating on the shares.
The analyst states that the bullish stance toward Imperial Oil reflects its capable leadership team, favorable long-term operating outlook, strong balance sheet, and commitment to shareholder returns.
Imperial announced a substantial issuer bid (SIB) to purchase up to C$2.5 billion (4.8%-6%) of its outstanding common shares.
Price Action: IMO shares are trading lower by 2.01% at C$60.99 on TSX and are lower by 2.28% at $46.73 on the last check Thursday.