Wolfe Research lowered the firm’s price target on Exxon Mobil (XOM) to $140 from $141 and keeps an Outperform rating on the shares as part of a 2025 outlook for the exploration and production refiners. The recent underperformance of the oils goes some way to “discounting” known commodity risk, the analyst tells investors in a research note. Wolfe’s bias continues to favor U.S. gas, but the firm is “incrementally positive” on oil exploration and production names.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
