UPDATE: Oppenheimer Downgrades Exxon Mobil to Perform, Says Current Buyback Unsustainable

In a report published by Oppenheimer, analyst Robert Du Boff downgraded Exxon Mobil XOM from Outperform to Perform and removed its $100 price target. In the report, Oppenheimer wrote, "XOM is challenged to maintain, not to mention grow, its production organically and to add oil & gas reserves competitively, and no discovery could be big enough to impact its valuation. XOM is among the most efficient energy companies, and further meaningful cost savings are unlikely. XOM has the highest P/E and P/CF multiples and lowest dividend yield among peers. But most importantly, even at higher oil and gas prices, XOM cannot maintain its $20B annual share repurchase program, a key value driver." Shares of Exxon Mobil closed at $90.77 on Monday.