TD Cowen downgrades Imperial Oil to 'sell', raises PT

Imperial Oil

30/09/2025 12:41

** TD Cowen downgrades rating on Canadian oil producer Imperial Oil IMO.TO to "sell" from "hold", but raises price target to C$104 from C$102

** New price target represents a 13% upside to the stock's last close

** Brokerage says operational execution has been near-flawless over the past five years, but IMO's offering of high quality assets/execution and defensiveness now comes at a high price

** "We struggle somewhat with remaining so aggressive on buybacks at current valuation metrics," - TD Cowen

** 3 of 17 brokerages rate the stock "buy", 8 "hold" and 6 "sell" or lower; median PT is C$109 - data compiled by LSEG

** Up to last close, stock up 49% YTD

 (Reporting by Dharna Bafna in Bengaluru)

 ((Dharna.bafna@thomsonreuters.com))