UPDATE: Raymond James Upgrades ExxonMobil (XOM) to Market Perform

April 14, 2021 4:00 AM EDT
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Price: $60.77 +2.48%

Rating Summary:
    11 Buy, 21 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 4 | New: 24
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(Updated - April 14, 2021 6:56 AM EDT)

Raymond James analyst Pavel Molchanov upgraded ExxonMobil (NYSE: XOM) from Underperform to Market Perform.

The analyst comments "With the recent downdraft in the stock (off ~10% over the past month), we think it's the right time to get less negative in our outlook for XOM. 1Q21 earnings indicators show a solid measure of improvement, pushing the company in the right direction of that part of the "show me" story. Also, despite a higher-than-peer valuation (FCF, EV/EBITDA), we think the risk/reward skews less negative in the context of our relative optimism on oil prices and the likelihood for a return to normal in downstream (with XOM's leverage to global chemicals markets an added upside "kicker" in a bull case)."

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 $55.71 yesterday.

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Raymond James, Earnings, Pavel Molchanov