ExxonMobil (XOM) PT Raised to $142 at Wells Fargo

Wells Fargo analyst Roger Read raised the price target on ExxonMobil (NYSE: XOM) to $142.00 (from $138.00) while maintaining a Overweight rating.

The analyst commented, "Maintain our OW rating and raise PT to $142 from $138. Based on follow-up sellside call, we believe the Q1'24 was mostly due to unusual non-cash items, thus no change to our positive outlook."

"XOM missed consensus in Q1'24, with weaker upstream/EP results overshadowing positive Guyana news. Despite the rockier start to the yr, the corporate plan remains unchanged. Continued structural cost reduction momentum, a high-graded upstream mix (Guyana/Permian), and a strong downstream project pipeline (2025+) lend us confidence that XOM can progress towards its target to grow earnings by $12bn (2023-27). Expected Q2'24 PXD acq close remains unchanged."

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