ExxonMobil and Chevron Stock Have 22%-30% Upside, According to 1 Wall Street Analyst
An analyst at Piper Sandler recently raised price targets for both ExxonMobil (NYSE: XOM) and (NYSE: CVX) and maintained an "overweight" rating on them. The new price targets imply a 22% upside for ExxonMobil (price target adjusted to $145 from $130) and 30% for Chevron (to $240 from $180), as the analyst takes a positive view of the outlook for oil majors.
The price of oil is above $80 a barrel. Amid a period of economic uncertainty, ongoing coordinated production cuts by OPEC and OPEC+ countries,, and a need for the U.S. government to replenish the strategic petroleum reserve after running it down to levels not seen since the 1980s, there are plenty of reasons to feel optimistic about energy prices.
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Source Fool.com