The Globe and Mail reports in its Friday, March 1, edition that TD Securities analyst Menno Hulshof has lowered his recommendation for Imperial Oil to "hold" from "buy." The Globe's David Leeder writes that Mr. Hulshof boosted his share target by a loonie to $88. Analysts on average target the shares at $84.80. Mr. Hulshof says in a note: "Imperial Oil admittedly remains a very clean story on all fronts -- a best-in-class balance sheet, fiscal discipline (i.e., industry-leading reinvestment ratio), and a strong commitment to returning the majority of FCF through buybacks and ratable dividend increases. However, it has been the top-performing integrated trailing-12-months and year-to-date, is trading at near-record-highs, and starts to look fully valued, in our view." The Globe reported on Nov. 2 that Mr. Hulshof had reaffirmed his "buy" recommendation for Imperial Oil. The shares were then going for $80.41. The Globe reported on Nov. 8 that RBC Capital analyst Greg Pardy was sticking with his "sector perform" call for Imperial Oil when it could be had for $76.93. The Globe's Normal Rothery said on Dec. 30 that Imperial Oil was one of his top picks for 2024. The shares could then be had for $75.48.