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Exxon Mobil 's new businesses aimed at lowering carbon-dioxide emissions are a long-term growth engine that will deliver earnings by the end of the decade, according to UBS. UBS has a 12-month price target of $149 for Exxon, indicating about 22% upside from Friday's close of $121.79 per share. The oil major is investing some $20 billion in a suite of emissions-reducing businesses including carbon capture and storage, biofuels, lithium and hydrogen through 2027. Balanced growth Exxon's $20 billion investment in low-carbon businesses represents about 13% of the company's total capital expenditures through 2027. The company's downstream refining and retail sales business should grow earnings by $4 billion starting in 2027, according to UBS.
Persons: Josh Silverstein, Silverstein, Trump Organizations: Exxon Mobil, UBS, Exxon, U.S, Baytown Hydrogen Locations: U.S, Baytown, That's, Guyana
In a Thursday note, analyst Josh Silverstein listed the firm's "most compelling" buy-rated stocks to own across the energy and utilities sectors, including Suncor Energy , Coterra Energy , SLB , NextEra Energy and First Solar . Energy and utilities sectors are faring well this year, gaining 12.5% and 8.9%, respectively, while the broader market has advanced about 9.3%. His $90 price target suggests shares could jump 15.1%. First Solar is another favorite of UBS, which assigned the stock a $350 price target that implies 26.5% upside. Other energy and utility favorites UBS named include Coterra and Suncor Energy .
Persons: Josh Silverstein, William Appicelli, Jon Windham, , SLB Organizations: UBS, Suncor Energy, Coterra Energy, NextEra Energy, . Energy, Big Tech Locations: Schlumberger
Recent inflation reports spooked investors, sparking a sell-off on Wednesday, but defensive stocks could provide some stability the next time markets get rocky. Those fears have contributed to a pullback in the market, with the S & P 500 slipping around 1% since the start of April. Investors could consider rotating into more defensively focused names to prepare for market volatility. Roper, on the other hand, has struggled this year, with the software stock's shares falling slightly in 2024. He said this week that Coterra was the firm's only buy-rated name in the natural gas exploration and production space.
Persons: technology's, ServiceNow, LSEG . Roper, LSEG, Roper, TJX, Coterra, Josh Silverstein, Silverstein Organizations: Federal Reserve, Investors, CNBC, Beta, CNBC Pro, Roper Technologies, Nasdaq, Coterra Energy
Bernstein named Taiwan Semiconductor a "best idea" for 2024, raising its price target on the stock. — Alex Harring 7:01 a.m. In addition to the best-pick honor, analyst Steve Scala has an outperform rating and $86 price target. Analyst Michael Lavery downgraded the stock to neutral from overweight and slashed his price target by $40 to $200. ET: Morgan Stanley hikes PDD price target, calls stock a top pick following earnings Morgan Stanley named Chinese e-commerce name PDD Holdings a top pick following its latest quarterly earnings report.
Persons: Bernstein, Morgan Stanley, LSEG, Bank of America's Tal Liani, Morgan Stanley's Hamza Fodderwala, Alex Harring, Craig Siegenthaler, Blackstone, That's, — Alex Harring, Ken Hoexter, Hoexter, TD Cowen, Steve Scala, Scala, Jefferies, John Colantuoni, bode, Colantuoni, Neil Beveridge, Josh Silverstein, Silverstein, JMP, Baldwin, Mitch Germain, Germain doesn't, Germain, Piper Sandler, Michael Lavery, Lavery, elasticities, HSY's, Hershey, Eddy Wang, Wang, Mark Li, Li, — Fred Imbert Organizations: CNBC, Taiwan Semiconductor, Holdings, Wall, Bank of America, Bank of America's, KKR, Apollo Global Management, Pacific, Transport, AstraZeneca, pharma, Airbnb, Toyota, UBS, Exxon Mobil, Natural Resources, Exxon Mobil's, Hershey, PDD, U.S, LSEG, Commerce, PDD's U.S, Apple, Huawei Locations: Tuesday's, Ivory Coast, Ghana, 4Q23, Taiwan, China
It's time to buy "leader of the pack" Exxon Mobil , according to UBS. Analyst Josh Silverstein assumed coverage of Exxon Mobil and upgraded shares to buy from neutral, and raised his price target, saying the energy giant is set to outpace its peers. XOM YTD mountain Exxon Mobil shares YTD Exxon Mobil shares are higher by 6% in 2023 even after a slight dip in energy prices. Regardless, that follows a gangbuster two years for Exxon Mobil, which jumped 80% in 2022 and 48% the year prior. "Additionally, we forecast that the balance sheet goes into a net cash position by mid-2024, providing flexibility to push shareholder returns above the $17.5Bn/yr buyback pace, while providing downside support," he added.
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