Morgan Stanley resumed coverage of Exxon Mobil with an Overweight rating and $145 price target after the company’s close of the Pioneer (PXD) acquisition on May 3. The firm contends that the company’s scale and integration across the energy, chemicals, and emerging low- carbon value chains support sustainable competitive advantages, above-average growth and a differentiated value proposition within the Energy sector and the broader market. Exxon Mobil shares outperformed year-to-date, but the stock still trades at a 55% discount to the broader market, nearly double historical levels, despite offering a 50% higher growth rate than the S&P, the analyst tells investors in a research note.
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