Deutsche Bank Downgrades ExxonMobil (XOM) to Hold; Valuation Call

July 16, 2012 8:47 AM EDT
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Price: $84.73 --0%

Rating Summary:
    5 Buy, 14 Hold, 8 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 24 | New: 12
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Deutsche Bank downgraded ExxonMobil (NYSE: XOM) from Buy to Hold.

Analyst, Paul Sankey, said, "Volumes are guided to be weak in 2012 – and likely to under-perform with our forecast showing down -4% year over year, even having recovered from Q1’s -6% fall. Star segment chemicals is expected to record a sequential rise but year over year fall; when all moving parts are considered, our estimate is for earnings to be flat Q1 to Q2;but after recent strong outperformance and what we consider to be a recent low in oil (we think that WTI hit our target of the marginal cost of US production, Brent fell below our target for Brent, which is the Saudi target of $100/bbl.) we are moving to a less defensive stance, and favouring Chevron (NYSE: CVX) as our mega cap play."

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 $85.47 yesterday.

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