Goldman Sachs analyst Neil Mehta double upgraded Imperial Oil to Buy from Sell and raised his price target for the shares to C$56 from C$41. The analyst sees "strong upside" in 2019 refining due to wider light oil differentials, improved performance at the company's Kearl asset and upside associated with a new oil sands project. Increasing disclosure around Imperial's actual Western Canadian Select exposure highlights a prior underappreciation of the company's ability to insulate upstream earnings from light-heavy differential volatility, Mehta tells investors in a research note. Further, he believes Imperial's refining assets are positioned to benefit from weakening light Canadian crude prices.