Exxon Mobil Seen Offering Limited Upside, BofA Says

MT Newswires Live07-28 23:13

ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note.

The brokerage said Chevron's organic opportunity set has strengthened through progress on development projects in Venezuela, Argentina, Iraq, Libya and Namibia.

The brokerage also said the outlook for US liquefied natural gas producers has improved as European gas storage remains below the 10-year average and Asian demand strengthens.

BofA Securities lowered its rating on ExxonMobil to neutral from buy and raised its price target to $158 from $154.

BofA Securities maintained its buy rating on Chevron and increased its price target to $227 from $210.

Price: 155.37, Change: +0.59, Percent Change: +0.38

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