UBS analyst Josh Silverstein lowered the firm’s price target on Exxon Mobil to $138 from $142 and keeps a Buy rating on the shares ahead of the December 6 Corporate Plan webcast. The firm sees the event reinforcing the thesis that Exxon Mobil is best positioned to outperform the sector this upcycle due to its visible upstream growth above peer levels, Downstream/Chemicals capacity additions improving underlying EPS power, and balance sheet strength enabling higher capital returns at current oil prices, the analyst tells investors in a research note.
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