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

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 BRN00, +1.25% 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 ENI, +0.12% to buy from hold, citing the dividend yield and the potential to spin off its biofuel business. Exxon XOM, -0.23% was upgraded to hold from underperform, on a improved macro environment, though they said Chevron’s CVX, -0.10% investment case was more compelling, combining a higher cash flow yield and higher upstream growth potential.

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