Morgan Stanley says keep buying Exxon as new board members accelerate clean energy transformation

Morgan Stanley says keep buying Exxon as new board members accelerate clean energy transformation

Morgan Stanley is doubling down on its bullish outlook for in the wake of activist firm Engine No. 1 claiming a at the oil giant. Morgan Stanley said that with 25% of Exxon's board now made up of activists pushing for environmental, social and corporate governance criteria, the company will be forced to prioritize spending around the transition in energy. "We believe the updated results of this activist campaign may accelerate these changes, increasing emphasis on low carbon growth over increases in oil & gas spending," Morgan Stanley said Thursday in a note to clients while reiterating its overweight rating on the stock.