RBC Capital lowered the firm’s price target on Exxon Mobil (XOM) to $115 from $120 and keeps a Sector Perform rating on the shares ahead of its annual corporate update on December 11 alongside an Upstream spotlight. Exxon has outperformed most energy names this year, but with downstream margins looking soft into 2025 and the prospect for higher capital spending over the medium term, RBC is increasingly cautious and sees better risk-reward elsewhere in the sector, the analyst tells investors in a research note.
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