Goldman Sachs Upgrades ExxonMobil (XOM) to Buy

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Goldman Sachs upgraded ExxonMobil (NYSE: XOM) from Neutral to Buy and raised their price target form $82 $102 price target, suggesting 26% upside.

The move reflect $110/bbl oil. Goldman said the company will benefit from attractive market-relative valuation and ultimately higher portfolio allocations.

"With Middle East tension raising the risk of "demand rationing" oil prices occurring in 2011, we view Exxon as also balancing our heretofore primarily higher-beta favorites while offering compelling risk-adjusted return potential.

For more ratings news on ExxonMobil click here and for the rating history of ExxonMobil click here.

Shares of ExxonMobil closed at $82.38 yesterday, with a 52 week range of $17.00-$88.23.

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