These reports, excerpted and edited by Barron’s, were issued recently by investment and research firms. The reports are a sampling of analysts’ thinking; they should not be considered the views or recommendations of Barron’s. Some of the reports’ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.
Buy • Price $110.53 on Jan. 9
by Mizuho Securities
We are assuming coverage of XOM with a net asset value–based price target of $140. Although we have incorporated a more conservative outlook for earnings and cash flow than both management and the consensus, it’s hard to construct a realistic scenario in which the company will not be a leader in cash generation for the next three to five years.