BofA Securities Downgrades ExxonMobil (XOM) to Neutral

BofA Securities analyst Jean Ann Salisbury downgraded ExxonMobil (NYSE: XOM) from Buy to Neutral with a price target of $158.00 (from $154.00).

The analyst comments "XOM – downgrading to Neutral, cashing in the call option We upgraded XOM (see report) in June the day the ceasefire was announced and XOM fell to $140/share, a price we viewed as a good entry point suggesting <$70/bbl long term oil price. We saw the possibility of renewed hostilities as a free call option. Despite raising our PO on estimate changes ($158/sh) we downgrade to Neutral, concerned about potential downside if a ceasefire is reached, but limited potential upside given the 20% of currently shut-in volume in the Middle East and unclear forward path in Qatar. "

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 $154.77 yesterday.

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