Bank of America downgrades ExxonMobil to Neutral, raises target to $158

BofA Securities cut its rating on ExxonMobil to Neutral from Buy and lifted its price target to $158 from $154. The note came on July 28, a few days before second-quarter results. A higher target alongside a downgrade signals that the bank sees less near-term upside rather than a deterioration in the earnings outlook.

• Rating changed from Buy to Neutral
• Price target raised to $158 from $154
• Downgrade issued three days before the July 31 earnings release