This article was originally published by GuruFocus on March 31, 2014
By Sarfaraz A. Khan
Earlier in January, analysts at Bank of America Merrill Lynch downgraded Exxon Mobil (XOM) to neutral from buy which caused a dip in the oil giant’s shares. Just two days ago, Bank of America made another change by upgrading Exxon Mobil to buy with a price target of $110. As a result, Exxon Mobil’s shares have risen by more than 3% since Thursday and closed at $97.70 on March 28.
Exxon Mobil’s investors would welcome the recent rally as it comes after the company revealed that it would reduce its capital expenditure by 6% and was expecting flat production for the current year to $39.8 billion. ... read full article at GuruFocus
