Benchmark Cuts Price Target and Raises Estimates on ExxonMobil (XOM), Values Everyone the Same

Benchmark is reaffirming its Sell rating on shares of ExxonMobil (NYSE: XOM) while it cuts its price target on them from $74 to $64.

Due to the company's strong performance over the past few quarters, a larger than previously expected buyback plan, and the firms new Brent oil price assumptions for 2011 and 2012 of $108.00 and $95.00 per barrel, Benchmark increased its 2011 and 2012 EPS estimates from $5.98 and $4.92 to $8.12 and $6.92.

An analyst at Benchmark comments, "We continue to believe that ExxonMobil shares would be properly valued at a peer group average multiple of normalized earnings, in contrast to the long standing valuation premium which has been assigned to the shares. In the context of the current market and sector valuation environment, this process yields a fair value target price of $64 per share based upon a $5.23 per share normalized earnings estimate."

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

Shares of ExxonMobil closed at $69.80 yesterday.

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