Jefferies lifts oil-price view and upgrades Eni and Exxon Mobil

Analysts at Jefferies increased their oil price view as well as their ratings on Eni and Exxon Mobil. They lifted their long-term Brent oil
BRN00,
1.43%

forecast to $58 from $55, citing recovering demand as the vaccination rollout continues and a lower supply risk from the high levels of OPEC spare capacity. They lifted Eni
ENI,
0.16%

to buy from hold, citing the dividend yield and the potential to spin off its biofuel business. Exxon
XOM,
-0.23%

was upgraded to hold from underperform, on a improved macro environment, though they said Chevron’s
CVX,
-0.10%

investment case was more compelling, combining a higher cash flow yield and higher upstream growth potential.