Wells Fargo Starts ExxonMobil (XOM) at Market Perform

Wells Fargo initiated coverage on ExxonMobil (NYSE: XOM) with a Market Perform rating and a price target of $96.00. Analyst Roger D. Read thinks slow growth and premium valuation limit upside.

"In our view, XOM's valuation already reflects many of its positive attributes, including reserves/production growth, balance sheet strength, long-term investment horizon, and multiyear track record of delivering positive returns on investment. We believe XOM offers a reasonable opportunity for investors looking for a long and distinguished track record of positive returns, a stable and well-respected management team, and a reasonable dividend yield. However, we think its slower growth rate and premium valuation limit upside potential," said Read.

For an analyst ratings summary and ratings history on ExxonMobil (NYSE: XOM) click here. For more ratings news on ExxonMobil click here.

Shares of ExxonMobil closed at $91.00 yesterday, with a 52 week range of $79.78-$93.67.

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