'Cautious Posture' Reaffirmed on ExxonMobil (XOM)

ExxonMobil (NYSE: XOM) shares traded higher in morning trading as Benchmark Equity Research released their reaffirmed 'Sell' rating.

ExxonMobil Q4 earnings of $1.27 per share were inline with Benchmark's forecast.

Benchmark expects a reduction in their 2010 estimates of downstream earnings will be "largely offset" by a reduction in anticipated financing charges, which leads to a unchanged earnings outlook.

With a $55.00 price target, Benchmark reaffirms its "cautious posture" on ExxonMobil shares citing that "current normalized earnings multiple valuation premium will narrow as investors evaluate the implications of the more aggressive upstream spending program."