Piper Sandler lowered the firm’s price target on Exxon Mobil (XOM) to $141 from $145 and keeps an Overweight rating on the shares. In investor conversations, Exxon Mobil has been a favorite relative long into Q3 results on expectations of solid upstream performance combined with peer-leading exposure to refining strength. While the 8-K release suggests a strong quarter overall, Piper expects that the implied result is likely modestly disappointing vs. recent updates and/or conversations in the $1.90-$1.95 range.
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