Bernstein initiated coverage of Exxon Mobil with an Outperform rating and $140 price target as part of a broader research note on Americas Oil. While volatility has heightened, the market is at mid to late cycle stage on oil price, the analyst tells investors in a research note. The firm further notes that hydrocarbons remain critical to improving the quality of human life and will be needed for many decades, while the steep base declines in oil wells demand significant future oil & gas capital that will remain scared and scarce.
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