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Jan. 19, 2022, 4:41 a.m. EST

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

Exxon Mobil (NYS:XOM) 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.

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