ExxonMobil (XOM) PT Lowered to $141 at Piper Sandler

Piper Sandler analyst Ryan Todd lowered the price target on ExxonMobil (NYSE: XOM) to $141.00 (from $145.00) while maintaining an Overweight rating.

The analyst commented: "In investor conversations, XOM has been a favorite relative long into 3Q results on expectations of solid upstream performance combined with peer-leading exposure to refining strength. While the 8-K release suggests a strong quarter overall (PSC $1.81 EPS vs. $1.64 in 2Q), we expect that the implied result is likely modestly disappointing vs. recent updates and/or conversations in the $1.90-$1.95 range. While implied Refining was slightly above our estimate, the impact of ~$200M of negative "timing effects" in the Upstream was larger than we anticipated. We update our 3Q EPS estimate to $1.81 EPS vs. $1.51 prior (on a lower forecast oil deck), driven primarily by lower Upstream contributions ($5.3B in earnings vs. $5.6B quarter-end estimate) as well as slightly lower Chemicals earnings ($506M vs. $744M quarter end). Given our bullish refining outlook, and near-term global gas strength, We still view XOM as relatively well positioned into YE and 2026."

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