Techfan, Morgan Stanley immediately sees the possibilities....Don't be fooled by today's trading in the stock. It's just speculators and arbitrageurs taking positions and also unwinding positions....
Tuesday December 1, 11:12 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.)
RESEARCH ALERT-Morgan bullish on Exxon/Mobil
merge
NEW YORK, Dec 1 (Reuters) - Morgan Stanley said analyst Doug Terreson made bullish comments to clients about the announced merger between Exxon Corp. (NYSE:XON - news) and Mobil Corp. (NYSE:MOB - news), which would create the world's largest oil company.
-- Terreson upgraded his rating of Exxon to outperform from neutral, according to Morgan Stanley. Mobil had already been
rated outperform.
-- He hiked price targets for both stocks, lifting Exxon's target to $85 per share from $72 and Mobil's to $95 from $85.
-- Terreson expects some earnings accretion from the merger, Morgan said.
-- Terreson is also not very concerned about regulatory issues, at least not in the upstream areas of exploration and
production, Morgan Stanley said.
-- Shares of Mobil, which had traded as low as 84, were down 3/16 to 86.
-- Shares of Exxon were down three to 72-1/16.
(Note: this article is ''in progress''; there will likely be an update soon.) |
