UPDATE: Jefferies Maintains Hold, Raises PT to $85 on ExxonMobil

Jefferies reiterates its Hold rating on ExxonMobil

and raises its price target to $85 from $80 as a strong performance is expected of global majors given expectations of strong oil prices. Jefferies notes, "Global gas is mixed, starting the year with poor demand and oversupply in the OECD, although Asian demand and pricing should remain strong. Capex is rising as further projects are approved, but we believe the sector companies should remain a good source of cash, with strong dividend yields and share buybacks." XOM closed at $85.08 per share on Wednesday.