ExxonMobil (XOM) Has its Rating Cut at Goldman Sachs

Article Stock Quotes (2) Comments (0)

Analyst at Goldman Sachs took the hatchet to major integrated oil company ExxonMobil (NYSE: XOM) Friday, cutting their rating from Buy to Neutral and their price target from $100 to $97.00. The firm cited a lower E&P outlook and an investors shift fo hiher beta names.

Analysts led by Arjun N. Murti commented, "We have downgraded ExxonMobil shares to Neutral from Buy for two primary reasons: (1) we have a less robust outlook for its E&P production and profitability in 2013 versus our more optimistic expectations at the time we upgraded its shares; and (2) we expect to see increased investor appetite for higher beta energy equities as we move into 2013 given our economists' and portfolio strategists' expectations for recovering global GDP growth"

They said they now don't expect a secular upturn in the super majors ExxonMobil (NYSE: XOM) and Chevron Corporation (NYSE: CVX) until 2014 given recent E&P segment disappointments at both companies.

For an analyst ratings summary and ratings history on ExxonMobil click here. For more ratings news on ExxonMobil click here.

Shares of ExxonMobil closed at $88.58 yesterday, with a 52 week range of $77.13-$93.67.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• UPDATE: MKM Partners Downgrades Alkermes (ALKS) to Sell
• Janney Capital Boosts PT on Gap (GPS) Post Q1
• Jefferies Bumps Zumiez (ZUMZ) Numbers Up, But Remains on Sidelines

Create E-mail Alert Related Categories

Analyst PT Change, Downgrades

Related Entities

Goldman Sachs

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?