UPDATE: ExxonMobil (XOM) Investor Day Preview, PT Raised to $65 at Wells Fargo Ahead
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Wells Fargo analyst Roger Read raised the price target on ExxonMobil (NYSE: XOM) to $65.00 (from $53.00) while maintaining a Overweight rating ahead of the company's investor day on 3/3.
The analyst stated "Major project updates should get a front-row seat at the Investor Day. For the Upstream we expect Guyana and LNG will garner the lion's share of attention while the Permian will be discussed but offer an altered growth profile through 2025. Across Chemicals and the Downstream, we expect project deferrals and delays related to capex cuts and COVID will also be illuminated by management." He went on to state "With over 4.0mmbpd of capacity, XOM's global refining footprint is larger than any independent refiner. Following our recent refining update, which embraces an exceptionally strong post-COVID rebound in consumer mobility, we believe investors should expect similar dynamics for XOM."
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