ExxonMobil (XOM) Can Go Higher Still - Goldman

ExxonMobil (NYSE: XOM), the largest company by market cap in the S&P 500, can keep going higher, according to analysts at Goldman Sachs.

The firm raised its price target on ExxonMobil from $94 to $96 while reiterating their Conviction Buy List rating.

Goldman's call comes with fourth quarter earnings season fast approaching.

"We navigate the uncertain macro environment owing to ongoing European sovereign debt risks with a "barbell" approach to our coverage universe, including recommending both lower-beta (XOM, CL Buy) and higher-beta (WNR, CL Buy) favorites which feature, in our view, compelling company-specific investment cases and inexpensive valuations," the firm stated.

Goldman expects interplay between capital allocation, returns of cash to shareholders, and capital spending to play an increasingly important role in share price performance in an uncertain macro environment in 2012. ExxonMobil is well positioned on this theme.

Goldman's base-case Brent crude oil forecast remains $120/$130 per barrel for 2012/2013.

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 $85.12 yesterday.

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