As previously reported, Truist downgraded Exxon Mobil (XOM) to Hold from Buy with a price target of $124, down from $146. While the firm still believes Guyana is a world-calls asset and the Pioneer Natural (PXD) acquisition is a positive addition, it forecasts Exxon shares to potentially underperform peers in the nearer-term given the current valuation and a “bit of Pioneer digestion,” the analyst tells investors.
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