ExxonMobil: BofA raises its target price

(CercleFinance.com) - On Monday BofA raised its target price for ExxonMobil shares from 120 dollars to 123 dollars, maintaining its buy rating on the stock.


In a study, the investment bank underlines that the US oil group seems to finally benefit from six years of investments, which have enabled it to improve its operating leverage - particularly in downstream oil.

BofA says that the oil major could even decide to step up its share buybacks once its cash position reaches around 20-30 billion dollars, perhaps even as early as Q3 this year.

Analysts say that ExxonMobil is now in one of the best growth environments that it has been in for 20 years as a result of investments made during the market downturn.

Note that the share closed down 2.5% at about 94.5 dollars yesterday.


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