As previously reported, Scotiabank analyst Paul Cheng downgraded Exxon Mobil (XOM) to Sector Perform from Outperform with a price target of $135, down from $140, while upgrading Chevron (CVX) to Outperform from Sector Perform with a price target of $200, up from $195. Citing Chevron’s higher oil beta among the super majors, the firm also notes that Exxon shares have further outperformed those of its peer since mid-January after having outperformed Chevron by 27% in 2022 and 9% in 2021. The firm sees the risk/reward for Chevron having improved and has shifted its preference between the pair.
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Published first on TheFly
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