November 12, 2018 / 6:09 AM / a year ago

BUZZ-Imperial Oil: Barclays raises rating on stock to "overweight"

** Barclays raises rating on Imperial Oil Ltd stock to “overweight” from “equal weight”

** “Company has reached an important inflection point of improving operating and financial momentum” - Barclays

** IMO will benefit in light of the current wide Canada light oil discount - Barclays

** Barclays raises medium-term outlook; sees investment in the Kearl debottleneck projects and Aspen phase 1 should generate attractive returns upon completion

** Barclays raise PT to C$54 from C$52; also raises Q4 and FY 2018 and FY 2019 EPS estimates

** Stock’s median price target of C$47.50

** Stock is up ~4 pct YTD

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