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Beaten Dow stock Exxon could rally 30%, says energy analyst

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The bull case for beaten-down Dow stock Exxon   14 Hours Ago | 01:10   

Exxon shares have tumbled more than 10 percent this year amid a historically rough patch for the energy sector, but one analyst sees double-digit gains ahead for the stock.

Sam Margolin, energy analyst and managing director at Cowen, is one of the most bullish Exxon analysts on Wall Street, with a $100 price target; this would imply nearly 33 percent upside for the Dow component as of Friday afternoon.

In a new note to clients and in comments on CNBC's "Trading Nation," Margolin reiterated his bullish stance despite Exxon's recent pullback, sinking oil prices and a quarterly earnings miss last month. Fundamentally, he said Thursday, the energy giant itself is sound.

Big-cap oil stocks like Exxon tend to be so-called income names, Margolin said, which typically suffer in a rising rate environment. If Treasury yields are suddenly more attractive than the yields offered by equities, then it would seem natural for investors to flee a name like Exxon. This, he believes, sets up a buying opportunity.


Source :- cnbc
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