BofA analyst Doug Leggate lowered the firm’s price target on Exxon Mobil (XOM) to $140 from $150 and keeps a Buy rating on the shares after Exxon filed its Q4 8K highlighting various market factors impacting results. Overall Exxon’s earnings filing implies a quarter-over-quarter decline of about $200M, including $1.1B of unsettled derivatives, and including non-cash impairments and following Chevron’s (CVX) write downs in California, reported earnings look closer to $1.64 per share, the analyst tells investors. The firm’s updated EPS estimate excluding charges of $2.22 per share looks ahead of consensus on better refining and chemicals results, the analyst added.
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