Benchmark Lowers PT on Exxon Mobil from $74 to $64

Benchmark has published a research report on Exxon Mobil Corporation XOM lowering the price target. In the report, Benchmark wrote, "We are raising our full year 2011 and 2012 earnings estimate for ExxonMobil to $8.12 and $6.92 per share, respectively for the two periods, versus $5.98 and $4.92 per share in place previously. The sizeable increases are driven by three factors, the most dominant of which is the upward revision in our Brent oil price assumptions for the two years to $108.00 and $95.00 per barrel, respectively for 2011 and 2012 (see our research note dated August 15)." Benchmark rated Exxon Mobil a Sell with a price target lowered from $74 to $64. Exxon Mobil closed Friday at $69.80.