HSBC lowered the firm’s price target on Exxon Mobil (XOM) to $119 from $123 and keeps a Hold rating on the shares. The sharp fall in oil prices since early April has raised pressure on oil majors’ financial frameworks, which were designed to work at $70 per barrel oil, the analyst tells investors in a research note. The firm cut estimates for the global integrated oils.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on XOM:
- Mixed options sentiment in Exxon Mobil (XOM), with shares up $1.42 (+1.33%) near $107.48.
- XOM, COP, or CVX: Which Is the Most Attractive Oil Stock After Q1 Results?
- BP Stock Gushes Higher as Oil Rivals Get Set to Swoop in Takeover Tussle
- BP rivals run the numbers, debate on takeover, FT reports
- BP-Shell deal would create European rival to Exxon, Chevron, Bloomberg says