Shares of Exxon Mobil reached new highs this week, but Wall Street analysts think the energy stock could remain around these same levels a year from now. Exxon on Wednesday closed at a new all-time high of $104.59, breaking above $100 this week for the first time since 2014. The stock is among the top 10 best performers in the S & P 500 this year, up 67% in 2022. However, analysts on average see Exxon's share price being relatively stagnant on a 12-month basis.
's Stewart Glickman says to buy Exxon shares, but similarly sees a reversal in demand as a major risk for the stock. "Our biggest near-term concern is that high energy prices eventually create a sharp recession, in which case such prices could shift markedly lower," Glickman said in a note Thursday. Moreover, when compared to peers, Exxon has greater exposure to downstream refining-and-marketing business versus upstream exploration and production.
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