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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 ‘

Donald Trump
PersonPresident of the United States (2017–2021, 2025–present)
Pierce, Fenner & Smith Incorporated
OrganizationMerrill Lynch (Pierce, Fenner & Smith)

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
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Merrill Lynch International
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Merrill Lynch Equities (Australia) Limited
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Merrill Lynch Canada Inc
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the Investment Industry Regulatory Organization of Canada
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Merrill Lynch Argentina SA
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the Financial Services Agency
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Merrill Lynch International Incorporated
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the Securities and Futures Bureau
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DSP Merrill Lynch Limited
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Otoritas Jasa Keuangan
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Comisién Nacional del Mercado De Valores
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Bank of America Merrill Lynch Banco Multiplo S.A.
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Merrill Lynch KSA Company
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Bank of America Merrill Lynch International Limited
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