Even though ExxonMobil's (NYSE:XOM) earnings in 2009 dropped for the first time since 2002, 2010 has already exceeded those earnings, and are expected to increase further in 2011, says Argus.
"Exxon should remain in a strong position thanks to its fortress balance sheet. Although its earnings and cash flow declined year-over-year in 2009 for the first time since 2002, its year-to-date cash performance in 2010 already exceeds that for all of last year. We expect even stronger results in 2011," Argus stated, which maintains a "Buy" rating on the energy giant.
Full year earnings estimates were raised in 2010 from $5.80 to $5.90, and for 2011 they were lowered from $6.35 to $6.30, although the outlook still looks strong.
Exxon was trading at $68.59, falling $1.60, or 2.28 percent at 12:40 PM EST. The price target was raised from $76 to $85 by Argus.
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