Exxon Mobil's Strategy Paid Off: Bullish Analyst Touts Biofuels In New Forecast
Portfolio Pulse from Shivani Kumaresan
Morgan Stanley analyst Devin McDermott has reiterated an Overweight rating on Exxon Mobil Corp (XOM) and raised the price target from $124 to $131. The analyst highlighted that about 60% of the earnings improvement has already been delivered, putting XOM slightly ahead of plan. The company's strategic shift towards biofuels and integrated portfolio is paying off, with 12 biofuels opportunities under development offering above 20% returns. XOM's portfolio is now 85% integrated with its chemical facilities, and the company is increasing its sales of performance products.
September 25, 2023 | 6:22 pm
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POSITIVE IMPACT
Exxon Mobil's strategic shift towards biofuels and integrated portfolio is paying off, with the company's portfolio now 85% integrated with its chemical facilities. The company is also increasing its sales of performance products.
The positive rating from Morgan Stanley and the raised price target indicate a positive outlook for Exxon Mobil. The company's strategic shift towards biofuels and integrated portfolio is expected to drive growth and improve earnings, which is likely to have a positive impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100