RBC Capital analyst Biraj Borkhataria keeps a Sector Perform rating and $120 price target on Exxon Mobil (XOM) after the company announced it is acquiring Pioneer Natural Resources (PXD) for $59.5B. The deal sees the company take another step in consolidating the Permian basin, but delivery on resource recovery synergies remains to be seen and RBC “stays cautious” for now, the analyst tells investors in a research note, adding that the relative valuation is also “more attractive” elsewhere.
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