Seeking Alpha

Exxon Mobil up 3% in two days as BAML raises to Buy

  • Exxon Mobil (XOM +1.3%) is up again today, capping a 3% surge since BofA yesterday upgraded shares to Buy with a $110 price target, citing potential for improved cash flow in the coming years.
  • The firm says recent risks to production have played out, and that improving unit margins can lift operating cash flow by $15B over the next five years.
  • XOM sees capital spending declining again in the near future despite its opening of numerous new projects, which should help increase production.
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