UBS analyst Jon Rigby upgraded Exxon Mobil to Neutral and raised his price target for the shares to $76 from $75. The oil giant closed yesterday up 61c to $77.18.

The shares have underperformed both the company’s domestic and international peers in 2017, Rigby tells investors in a research note. He expects oil prices to slowly recover and for “robust” demand to keep downstream margins “healthy.” Rigby notes Exxon shares are close to the lows of the year.