Morgan Stanley upgrades Exxon Mobil, sees 30% total return as company supports dividend

Morgan Stanley upgrades Exxon Mobil, sees 30% total return as company supports dividend

A pigeon flies over a Exxon mobil gas station on October 25, 2018 in Gutenberg New Jersey.

Kena Betancur | Corbis News | Getty Images

(This story is for CNBC Pro subscribers only).

Exxon Mobil is poised to reverse several years of underperformance and deliver big returns in both dividends and rising stock prices in 2021, according to Morgan Stanley.

The firm upgraded the stock to overweight from equal weight and named Exxon its top pick in the integrated oils group, saying that the expected economic recovery should boost the company's performance across the board.