Exxon Mobil price target lowered to $127 from $134 at JPMorgan

JPMorgan lowered the firm’s price target on Exxon Mobil to $127 from $134 and keeps an Overweight rating on the shares. The firm continues to favor Canadian integrated oils despite a “more normal valuation gap.” With strip Brent prices showing a modest step down in crude pricing in 2024, while downstream should also continue to moderate from 2022 peaks, this would suggest no significant commodity-based tailwinds for the group next year, the analyst tells investors in a research note. The U.S. group should be in a transitional year in 2024, with both majors expected to close significant acquisitions, while the prospect of further acquisition activity in the industry appears to be something of an overhang for the overall majors/large cap group as potential buyers, the analyst tells investors in a research note.