TD Cowen analyst David Deckelbaum downgraded Pioneer Natural Resources (PXD) to Market Perform from Outperform with a price target of $256, down from $280, after the company agreed to be acquired by Exxon Mobil (XOM) in an all-stock transaction valued at $59.5B, or $253 per share, based on ExxonMobil’s closing price on October 5.
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