A view of the Exxon Mobil refinery in Baytown, Texas.
Jessica Rinaldi | Reuters
(This story is for CNBC PRO subscribers only.)
For the first time since 2016, Goldman Sachs is recommending that investors buy Exxon shares.
The firm upgraded the oil giant to a buy rating on Tuesday evening, highlighting Exxon's capital and cost reductions, as well as improving free cash flow. Goldman has a new 12-month price target of $52 on the stock, representing a 21% rally from Tuesday's closing price.
