The Globe and Mail reports in its Wednesday, Aug. 30, edition that CIBC World Markets analyst Dennis Fong has reiterated his "neutral" recommendation for Imperial Oil. The Globe's David Leeder writes in the Eye On Equities column that Mr. Fong hiked his share target ahead by $3 to $93. Analysts on average target the shares $79.18. Mr. Fong says in a note: "The company started construction of the Strathcona renewable Diesel project in the quarter and intends to complete the recently renewed NCIB by year end. Public data shows that approximately 2.3 million shares were purchased in July, or 8 per cent of the current NCIB program. This is about half the pace of last year's buyback program; however, we saw the pace accelerate last August and September (with the program having been completed in October). The company anticipates full-year impacts of 3 MBbl/d and 9 MBbl/d from upcoming Syncrude (hydrotreater) and Sarnia turnarounds, respectively, in H2/23. Imperial exited the quarter with ~$2.4 million in cash, which we see persisting until year end (on current strip) and believe can open the door for a potential SIB in H1/24 and a dividend increase in Q1/24."