Why ExxonMobil Stock Was a Mini-Gusher Today
Energy sector blue chip stock ExxonMobil (NYSE: XOM) did on Thursday what a blue chip is supposed to do -- bump higher in price. The company's shares added nearly 2% to their value on the day, eclipsing the 0.3% bump experienced by the S&P 500 index. Investors were satisfied with a price target raise from an analyst at a top bank, and by news of a looming asset sale.
Before market open, JPMorgan Chase's (NYSE: JPM) Phil Gresh upped his level on ExxonMobil. Although the move was small -- his new price target is $119 per share, a slight improvement over the previous $117 -- Gresh is maintaining his quite bullish stance by sticking with his recommendation of overweight (buy, in other words).
Gresh isn't the only pundit getting more positive on ExxonMobil these days. On Monday, Mizuho's Nitin Kumar upgraded his recommendation on the stock to buy from neutral, cranking his price target well higher to $140 per share from its preceding $90.
Source Fool.com
