13 diciembre 2006

Morgan Stanley recomienda petroleras

Dec 13 (Reuters) - Morgan Stanley raised its price targets on the shares of integrated oil firms Exxon Mobil Corp. (XOM), ConocoPhillips (COP) and Marathon Oil Corp. (MRO).

The investment bank increased its targets for Exxon Mobil to $86 from $75, for ConocoPhillips to $88 from $76 and for Marathon Oil to $116 from $110.

Morgan Stanley said the global energy sector was shifting from an upward phase in its investment cycle to a plateau, but at high levels.

The investment bank, which has an "overweight" rating on the oil stocks, said returns were likely to moderate but not to levels discounted in current valuations.

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