NEW YORK (TheStreet) -- Exxon Mobil (XOM) shares are up 0.84% to $85 in afternoon trading on Monday despite falling oil prices after analysts at Bank of America/Merrill Lynch raised the company's price target to $106 from $103.
Analysts at the firm believe that unlike Chevron (CVX), the bulk of Exxon's capital expenditures have already peaked.
The price target represents a potential 24.7% upside from the stock's current trading price.
Industry standard Brent crude for July delivery is up 1.07%, or 68 cents, to $62.63 per barrel while West Texas crude is also falling 1.69%, or $1, to $58.13 per barrel in trading today.
TheStreet Ratings team rates EXXON MOBIL CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXXON MOBIL CORP (XOM) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, poor profit margins and weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: