Exxon upgraded to 'Overweight' on growth estimate

posted: 84 DAYS 21 HOURS AGO

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NEW YORK -Exxon Mobil Corp. will likely generate more than 3 percent organic growth in the coming year, said an analyst on Tuesday as he upgraded the company's stock.

Barclays Capital analyst Paul Cheng also predicted that the world's largest publicly traded oil company will grow at an average rate of 2.6 percent between 2009 and 2013. Cheng advised investors to snap up the attractively priced stock, which has significantly underperformed in 2009.

"We believe the risk/reward ratio is attractive for investors to at least temporarily increase the portfolio weighing on the big majors over the next several months," Cheng said in a note to clients.

Cheng upgraded his rating for Exxon's stock to "Overweight" from "Equal Weight" and raised his price target to $92 from $90.

Shares of Exxon climbed 42 cents to $74.85 in morning trading.

2009-11-17 11:31:54