ExxonMobil (XOM) PT Raised to $59 at UBS on Capex Cuts
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UBS analyst Jon Rigby raised the price target on ExxonMobil (NYSE: XOM) to $59.00 (from $48.00) after incorporating the effects of the very significant capex cuts made to its outlook.
The analyst reiterated the Neutral rating, stating "While we anticipated a big cut to target production lowering 2025 to ~3.7Mboed from ~5.0Mboed is very significant. Notably, however, the shares did not react negatively to this reset in the way that we feared they might. The company has knocked out some of the lower margin production and the lower target is underpinned by a higher proportion of undoubtedly high quality developments, which do come through at a somewhat slower pace. Counter-cyclical growth has been
replaced by a lower risk value > volume."
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