- Exxon Mobil (NYSE:XOM) is upgraded to Buy from Neutral and with a $100 price target, increased from $95, at BofA Merrill Lynch, which says XOM's dividend is fully covered and the stock's valuation discounts strip prices, while free cash flow is expanding from non E&P assets, and E&P margins have finally improved.
- According to TheFly.com, BofA also believes oil markets are taking longer to rebalance than previously expected, prompting the firm's commodity team to lower its midyear peak in Brent oil prices to $60 from $70.
- BofA also upgrades Noble Energy (NYSE:NBL) to Buy from Neutral and raises Cabot Oil & Gas (NYSE:COG) to Neutral from Underperform, but downgrades ConocoPhillips (NYSE:COP), Marathon Oil (NYSE:MRO), Oasis Petroleum (NYSE:OAS), Paccar (NASDAQ:PCAR), SM Energy (NYSE:SM) and Terex (NYSE:TEX) to Neutral from Buy.
- XOM +0.8% premarket.
- Now read: Marathon Oil Corporation 2017 Q1 - Results - Earnings Call Slides
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