Exxon Mobil upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded Exxon Mobil to Outperform from Sector Perform with a price target of $145, up from $129. Exxon is more defensive in view of a “more bumpy oil price outlook for the next several years,” contends the analyst, who notes that in periods of weaker commodity price environments, the stock historically outperformed the energy sector by a “wide margin.” Although “not a cheap stock in a traditional sense versus the other supermajors,” the firm thinks the market will continue to pay up for the premium given the uncertainty and risk in the oil market, the analyst tells investors.