- Exxon Mobil (XOM +3.1%) breaks out to multi-week highs after shares are upgraded to Buy from Neutral at Goldman Sachs, which says XOM may be nearing inflection points in production growth and capital intensity.
- Goldman sees respective oil and boe volume growth of 5% and 2.4%, which would mark XOM's first year of organic growth since 2006; while upside risks to capex exist, the firm believes such concerns are well known by investors.
- On longer-term metrics, Goldman thinks XOM shares look inexpensive vs. the company's history on an absolute basis and relative to the S&P 500.
Exxon upgraded to Buy at Goldman on production growth turnaround
Dec 16 2013, 10:34 ET