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Exxon Mobil (XOM -0.5%) is downgraded to Underweight with an $85 price target (from $90) at...

Exxon Mobil (XOM -0.5%) is downgraded to Underweight with an $85 price target (from $90) at Morgan Stanley, which prefers Chevron's (CVX +0.2%) expected relatively higher production growth and relatively improving returns in each of the next five years. Modeling the 15 top growth projects for CVX and XOM, the firm sees CVX's projects driving 4% higher relative upstream ROCE over five years.
Comments (1)
  • Yeah! Long CVX. I don't understand why anyone invests in XOM. XOM "buys back" shares but doesn't really retire them. Their yield is lower, their margins are lower, their growth prospects are lower.
    10 Apr 2013, 11:00 AM Reply Like
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