Exxon Mobil (XOM)

Jun 24, 2022Trade Ideas

Exxon Mobil (XOM) may have finally bottomed out.

After falling from about $105 to $85.21, the stock has become technically oversold at double bottom support dating back to early May. If it can hold $85.21, it could potentially run back to $105, especially as oil prices recover some lost ground.

Credit Suisse also just upgraded the stock to outperform. “Unlike many of its competitors, Exxon Mobil (XOM) bet that the world will continue to run on fossil fuels over the medium term and that’s a bet that will pay off”, says Credit Suisse analyst Manav Gupta, as noted by Barron’s. “Unlike its Big Oil peers, many of whom forecast that the energy transition would lower demand for oil and gas, Exxon has continued to invest in the production of both commodities.”

Evercore ISI analysts also upgraded the stock to outperform, with a price target of $120.

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