UPDATE: Credit Suisse Raises PT to $90 on ExxonMobil to $90; Growth Inflection at Premium Valuation

Credit Suisse increased its price target from $85 to $90 on ExxonMobil

but reiterated its Neutral rating as it believes company shares trade at a premium valuation. Credit Suisse commented, "Although XOM is approaching a positive operational inflection, the shares are already trading at a premium versus the large cap US producers. This tempers our enthusiasm, but we feel it is important to flag XOM's improving growth. 5% pa from dividends and buybacks plus multiple expansion once projects hit plateau may be attractive. After a valuation review, we raise our 12-month target to $90/sh (from $85/sh), or just under 10x our mid-cycle earnings estimate." ExxonMobil closed at $87.73 on Wednesday.