Exxon Mobil (XOM -0.7%) is downgraded to Hold from Buy at Deutsche Bank, which also favors Chevron (CVX +0.2%) as its top mega-cap energy play. "Volumes are guided to be weak in 2012 and likely to underperform with our forecast showing down 4% Y/Y, even having recovered from Q1’s 6% fall," the firm writes, estimating Q/Q earnings to come in flat.
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