Exxon Mobil price target lowered to $138 from $142 at UBS

UBS lowered the firm’s price target on Exxon Mobil (XOM) to $138 from $142 and keeps a Buy rating on the shares ahead of the company’s December 6 Corporate Plan webcast. While additional details on the Pioneer (PXD) acquisition may be limited, the firm sees the event reinforcing its view that Exxon is best positioned to outperform the sector this upcycle. Driving UBS’s positive outlook is Exxon’s visible upstream growth above peer levels, Downstream/Chemicals capacity additions improving underlying EPS power, Low Carbon investments providing long-term growth potential, and balance sheet strength enabling higher capital returns at current oil prices.