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umber GD as well as a slowdown in procurement for the Army (armored vehicles). 4) Poor execution on defense programs could adversely impact margins. Hess Corp. (HES) Our price objective of $80 / share is based on a 5-year outlook which assumes a 5.5x DACF multiple and a commodity deck of $67.50 WTI and $70
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This report is intended for [email protected] Hess Corp. Inflection point: adding Hess to BofAML’s US 1 ‘
Pierce, Fenner & Smith Incorporated
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Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
OrganizationMerrill Lynch International
OrganizationMerrill Lynch Equities (Australia) Limited
Organizationthe Hong Kong Securities and Futures Commission
OrganizationMerrill Lynch Canada Inc
Organizationthe Investment Industry Regulatory Organization of Canada
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the Financial Services Agency
OrganizationMerrill Lynch International Incorporated
Organizationthe Securities and Futures Bureau
OrganizationDSP Merrill Lynch Limited
Organizationthe Securities and Exchange Board of India
OrganizationOtoritas Jasa Keuangan
OrganizationComisién Nacional del Mercado De Valores
OrganizationBank of America Merrill Lynch Banco Multiplo S.A.
OrganizationMerrill Lynch KSA Company
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Donald Trump
PersonPresident of the United States (2017–2021, 2025–present)