UPDATE: Dahlman Rose Initiates Exxon Mobil at Buy on Diverse Resource Base

Dahlman Rose initiated coverage on Exxon Mobil XOM with a Buy rating and a $100 price target. Dahlman Rose said, "ExxonMobil has a robust portfolio of major growth projects worldwide, with 21 startups planned between 2012 and 2014. The resource base in impressive and diverse – offering tremendous flexibility for this super major to navigate a notoriously cyclical industry. The company has demonstrated a disciplined approach to investing during both up and down cycles. While the near-term production growth trajectory has been uninspiring, we estimate production growth to average 2-3% per year between 2014-2017." Exxon Mobil closed at $91.03 on Wednesday.