The Globe and Mail reports in its Friday, July 4, edition that Raymond James analyst Michael Barth has downgraded Imperial Oil to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Barth gave his share target a $2 boost to $107. Analysts on average target the shares at $99.21. Mr. Barth says in a note: "Imperial Oil is up 29 per cent (outperforming the iShares S&P/TSX Capped Energy Index ETF (XEG), which is up 23 per cent) since we upgraded to 'outperform' in mid-April, and is now trading through our target. In our view, that's a big move for the business least sensitive to commodity prices in the Canadian E&P universe (lowest breakevens). With the Investor Day in the rearview mirror and any SIB potential at least a couple quarters out, it's also challenging for us to see any near-term catalysts to drive continued outperformance. Despite what we view as one of the highest quality businesses in the Canadian energy space, we're downgrading Imperial Oil to 'market perform,' and now see better risk-adjusted returns elsewhere in our coverage universe."