We Are Lowering Our Syncrude Production Forecast; We Still See 25% Upside in Imperial Oil
On the news of Suncor’s Syncrude production guidance update, we are lowering our Syncrude production forecast for Imperial Oil by 5,000 barrels of oil per day. Accordingly, we are slightly lowering our fair value estimate for Imperial to $34 (CAD 44) per share from our previous estimate of $35 (CAD 45). Despite the lowered fair value estimate, we still see 25% upside in the stock. Imperial stands at the head of its class in solvent-assisted technology development. However, its growth projects ar...
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