Deutsche Bank Cuts Price Target on ExxonMobil

Deutsche Bank cut the price target on ExxonMobil (NYSE: XOM) to $70. There is a challenge of finding good new international projects. Now the strategy is high levels of XTO activity in a US natural gas market that expects to stay weak for 2 more years. In both cases returns are
pressured, but Deutsche Bank retains a Buy rating the defensiveness given the bearish oil outlook.

Deutsche Bank affirms that XOM is too cheap but the outlook for gas markets and two year dilution of XTO should continue to hang.

Shares of ExxonMobil closed yesterday at $60.91