The Globe and Mail reports in its Tuesday edition that Raymond James analyst Michael Barth is keeping his "underperform" recommendation for Imperial Oil intact. The Globe's David Leeder writes that Mr. Barth boosted his share target by a loonie to $107. Analysts on average target the shares at $113.33. Mr. Barth says in a note: "We downgraded Imperial Oil to 'underperform' in late-2025, which was purely a valuation call with the stock trading well through our target. We continue to believe that valuation is rich on both an absolute and relative basis with Imperial Oil still trading 21 per cent through our target, and trading at the lowest FCF yields in the peer group; on our FY26 estimates, Imperial Oil is trading at just a 6.1-per-cent sustaining FCF yield and 5-per-cent FCF yield, which means the proportional shareholder return cadence in FY26 should be materially lower than other names in the large cap peer group. In addition, we don't see any material operational catalysts until a potential EBRT-related FID later this decade, so we see little room for meaningful estimate revisions any time soon. While we like the business, we continue to believe that better ideas exist in our coverage universe at these valuations."