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RBC analyst says was wrong on Exxon as oil giant upgraded to sector perform

30255 rbc analyst says was wrong on exxon as oil giant upgraded to sector perform

Exxon Mobil XOM, +1.68% was upgraded to sector perform from underperform at RBC Capital Markets, which lifted its price target to $90 from $70. Analyst Biraj Borkhataria said the firm was wrong on Exxon last year and that the oil giant has gone from the brink of a potential dividend cut to significant free cash flow potential in 2022. Despite moderating chemicals margins, he says more upgrades will flow through this year. Exxon shares rose 1.7% on Tuesday to reach a new 52-week high, and have jumped 53% over the last 52 weeks.

Source: Marketwatch

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