Wells Fargo Upgrades BP and Downgrades ExxonMobil Based on Relative Valuation
On Thursday, Wells Fargo upgraded British Petroleum (BP) to 'Overweight' from 'Equal Weight,' raising its price target to $57 from $48. In contrast, the firm downgraded ExxonMobil (XOM) to 'Equal Weight' from 'Overweight,' with a maintained price target of $182. The move reflects Wells Fargo's view that BP is more favorably valued compared to Exxon at this time. BP shares rose 1.1% following the upgrade, indicating positive investor sentiment toward the recommendation. Analysts cited relative valuation as a key factor in their decision, suggesting they see better value and potential for growth with BP than with ExxonMobil despite both being major players in the energy sector.
Topics: BP (BP) ExxonMobil (XOM) stock upgrade/downgrade Wells Fargo