Imperial Oil Ltd. (Amex:IMO) has had coverage initiated on them by TD Newcrest, and they started the company with a hold, and a price target of C$44.
"Imperial is in a position to leverage its operating expertise in the development of future expansions. IMO also has a significant pipeline of technology-based opportunities geared toward further improving full-cycle returns and capital efficiencies, in addition to having access to ExxonMobil’s (NYSE:XOM) technology pipeline... At a P/NAV of 95% relative to a peer group average of 87%, however, we believe that the current valuation reflects the bulk of the upside described above. Admittedly, this premium valuation may, in part, be due to the potential (eventual) takeout of the remaining 30.4% float not currently owned by its parent, ExxonMobil. Our neutral position is additionally supported by limited share liquidity and what we see as a dearth of near-term catalysts," said a TD analyst.
In other words, there's nothing in the short term which in evidence to make Imperial Oil move up, while those reasons that are there are already priced into the share price of the stock.