XOM - Cimarex upgraded to Buy at BofA in spite of Cabot deal that 'may not close'

chengwaidefeng/iStock via Getty Images Cimarex Energy ([[XEC]] +4.5%) powers higher in a strong session for oil producers, as Bank of America upgrades shares to Buy from Neutral with a $90 price target, up from $77, citing the stock's weakness since the Cabot Oil & Gas merger news and "moderate but nevertheless impactful incremental increase" in free cash flow yield. BofA analyst Doug Leggate does not like the merger: "Our upgrade of Cimarex is in spite of the deal - and pre-supposes that the deal may not close, at least not at the current terms." Leggate also upgrades Marathon Oil ([[MRO]] +6.4%) to Neutral from Underperform with a $16 target, up from $12, based on the company's oil leverage in a favorable setup for the broader commodity. BofA's other top ideas among U.S. oil drillers are Exxon Mobil ([[XOM]] +3.3%), Occidental Petroleum ([[OXY]] +5.2%), Hess ([[HES]] +6.8%), Devon Energy ([[DVN]] +5.9%) and Diamondback

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Cimarex upgraded to Buy at BofA in spite of Cabot deal that 'may not close'