Investing.com – ExxonMobil (NYSE:) stock has slumped for most of the past year, but one Wall Street firm has added the energy giant to its list of best investment ideas, calling it a great buying opportunity.
Bank of America/Merrill Lynch likes ExxonMobil’s potential to double its cash flow in the coming years, and expects the company to resume share buybacks in 2018.
The firm reiterated its buy rating and $100 stock-price target, and also added the company to its US 1 top ideas list.
BoAML said ExxonMobil has a “growth outlook that is unprecedented amongst among the large-cap U.S. oils.”
Though prices have rebounded in the past year, shares in ExxonMobil and other big energy companies haven’t benefitted much.
The stock is down 7% in the past 12 months and 13% from its January 2018 high.
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