Exxon Mobil price target lowered to $124 from $129 at Mizuho

Mizuho lowered the firm’s price target on Exxon Mobil (XOM) to $124 from $129 and keeps a Neutral rating on the shares. The firm updated integrated oil models post Q1 earnings with three upgrades and one downgrade. Mizuho sees potential weakness for global oil prices but expects gas and refining fundamentals to improve over the next 12 months. The firm are lowering its oil price outlook by 10%-11%, saying accelerating oversupply will likely overshadow any stabilization of demand. It raised its U.S. natural gas price forecast over the same period by 15%. saying structural undersupply continues. The analyst also sees improved U.S. refining fundamentals as the inventory outlook remains tight and oil prices weaken potentially lifting refining margins. Mizuho adding ConocoPhillips (COP) to its “Top Picks” alongside Coterra (CTRA) and Chord Energy (CHRD) and removed Chevron (CVX). The firm upgraded Antero Resources (AR), HF Sinclair (DINO) and Delek US (DK) to Outperform, while downgrading Murphy Oil (MUR) to Neutral.