Benchmark Has Sell Rating On Exxon Mobil Corporation (XOM)

Benchmark Capital has a Sell rating and a $74 price target on shares of Exxon Mobil Corporation XOM. In a note to investors, Benchmark writes, "We expect to lower our full year 2011 earnings forecast driven by a roughly 2%-3% reduction (excluding Iraqi related volumes) in estimated worldwide oil/gas production volumes and modestly higher unit costs, partially offset by increases in estimated US downstream and overseas Chemicals earnings. We anticipate a smaller decrease (versus that envisioned for 2011) in our full year 2012 earnings forecast reflecting a more modest reduction in estimated oil/gas production volumes, the adverse impact of which is offset by an increase in US downstream earnings." Shares of XOM gained 64 cents on Friday to close at $87.98, a gain of 0.7%.