GMP Securities analyst Michael Dunn downgraded Imperial Oil to Reduce from Hold and lowered his target price to $31 from $33 ahead of the company's Q3 earnings report on November 1. The analyst said his current macro outlook for Imperial is "quite unfavorable" due to its Chemicals business seeing weaker margins, production curtailments hurting its ability to produce Kearl at peak rates, "relatively tight" Canadian crude oil differentials against Brent crude oil, and a West Texas Intermediate oil and Brent strip that implies lower oil prices year-over-year for 2020.