- The stock price of Exxon Mobil Corporation (NYSE: XOM) has received a price target increase from $50 to $56 by JPMorgan. These are the details.
The stock price of Exxon Mobil Corporation (NYSE: XOM) has received a price target increase from $50 to $56 by JPMorgan. JPMorgan analyst Phil Gresh cited higher oil prices.
Around the time that the price target research report was published, the U.S. oil price benchmark was up over 1% to $54.50 per barrel and the global oil benchmark was up about 0.5% to $56 per barrel. And the oil prices have been continuing to climb — which will benefit Exxon.
This is the first time that JPMorgan upgraded Exxon in seven years. And JPMorgan upgraded its rating for XOM from “Neutral” to “Overweight.” Gresh noted that execution “might finally be turning the corner.”
“For the first time in seven years of covering integrated oils since the peak of the sector in 2014, we are upgrading (XOM) to overweight,” said Gresh in the research note.
Barclays also upgraded XOM from “Equal Weight” to “Overweight,” citing better oil prices and lower costs. And Barclays analyst Jeanine Wai assigned XOM a $56 price target.
HSBC analyst Gordon Gray increased the price target of XOM to $49.00 (from $44.00). And Gray maintained a “Hold” rating on XOM.
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