BofA reinstates coverage on Exxon Mobil with 'hold'
** BofA Global Research reinstates coverage on U.S.-based oil giant Exxon Mobil XOM.N with 'neutral' rating and $124 price objective
** "We believe XOM has a bright future in oil and gas and new tech. High quality sustained growth in the Permian/Guyana will be half of XOM volumes by 2030," brokerage says
** Adds co has longest resource life among majors and is well-positioned for takeoff of research and development efforts on energy transition
** BofA forecasts that by 2025, weak oil prices, fewer growth triggers and below-average refining and chemical margins may lead to reduced expectations for new industry projects
** 17 of 29 brokerages rate XOM stock "buy" or higher, 11 "hold" and 1 "sell"; their median PT is $132 - LSEG data
** Including session's moves, stock up 20.47% YTD
Reporting by Pooja Menon in Bengaluru
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