(CercleFinance.com) – BofA announced on Monday that it was raising its price target on ExxonMobil, which rose from 120 to 123 dollars, while maintaining its buy recommendation on the stock.
In a study published in the morning, the investment bank points out that the American oil group finally seems to take advantage of six years of investments, which have enabled it to improve its operational leverage, particularly downstream.
According to BofA, the ‘major’ could even decide to accelerate its share buybacks once its cash reaches the zone of 20-30 billion dollars, perhaps as early as the third quarter of this year.
For the New York firm, ExxonMobil is today in one of the best growth configurations in which it has found itself for 20 years thanks to the investments made during the market slowdown phase.
‘ExxonMobil has long been and still remains our best idea (in the sector)’, summarize the analysts.
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