Credit Suisse Raises Its Price Target on ExxonMobil to $84 (XOM)

Credit Suisse is out with its report today on ExxonMobil (NYSE: XOM), raising its PT from $76 to $84 thanks to an EPS beat.

In a report sent to clients, Credit Suisse notes, "an 'oily' beat and strong cashflow supports $84/share: XOM beat due to strong realizations and demand for its international gas. This demonstrates the 'oily' nature of XOM's international gas portfolio. We are raising EPS by c7% in 2011 and c3% in 2012. Our longer term estimates are broadly unchanged as we had already incorporated a longer term bullish gas price outlook. XOM's cash generation of $13bn was stronger than expected, particularly in light of conf call comments that working capital made a limited contribution. Robust cash generation supports our increased $84/sh target price (up from $76). Higher absolute share prices are possible, if robust oil demand stresses markets."

Credit Suisse maintains Neutral on XOM.

Shares of XOM closed Monday at $80.68, up 2.14% from Friday's close.