Jefferies lifts oil-price view and upgrades Eni and Exxon Mobil

Jefferies lifts oil-price view and upgrades Eni and Exxon Mobil
Steve Goldstein
·1 min read

Analysts at Jefferies increased their oil price view as well as their ratings on Eni and Exxon Mobil. They lifted their long-term Brent oil forecast to $58 from $55, citing recovering demand as the vaccination rollout continues and a lower supply risk from the high levels of OPEC+ spare capacity. They lifted Eni to buy from hold, citing the dividend yield and the potential to spin off its biofuel business. Exxon was upgraded to hold from underperform, on a improved macro environment, though they said Chevron's investment case was more compelling, combining a higher cash flow yield and higher upstream growth potential.