ExxonMobil: BofA resumes coverage with neutral rating

(CercleFinance.com) - BofA announced on Thursday that it had resumed its coverage of ExxonMobil with a "neutral" rating and a target price of $124 (cp: $120, -0.
3%), citing the stock's fair valuation at current levels.

In a study of the US oil majors, the analyst considers Exxon to be "the most attractive company" in the sector from a long-term perspective.

In addition to its strengths in oil and gas - starting with its positioning in refining in the US - the broker also highlights its expertise in innovative technologies such as CO2 capture and storage.

In view of the current level of oil prices, BofA nevertheless considers the stock to be well valued at present in a medium-term approach, while warning against a risk of disappointment in downstream results in the shorter term.


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