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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