Jefferies raised the firm’s price target on Exxon Mobil (XOM) to $145 from $140 and keeps a Buy rating on the shares, adding that the firm would recommend using weakness to add to positions. The firm views Exxon’s acquisition of Pioneer Natural (PXD) constructively, stating that it creates “a leading Permian portfolio with duration that can be integrated with downstream.” The firm sees the deal as nearly 3% accretive to EPS and about 2% accretive to free cash flow per share in 2024, adding that 2025-27 EPS accretion would rise to nearly 8% and FCFPS to about 6%.
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