Exxon Mobil price target lowered to $134 from $137 at JPMorgan

JPMorgan lowered the firm’s price target on Exxon Mobil (XOM) to $134 from $137 and keeps an Overweight rating on the shares. The analyst updated Exxon’s model to reflect modest dilution from the Pioneer Natural (PXD) acquisition. The firm thinks the deal makes sense strategically given Pioneer’s overlapping acreage in the Midland Basin and its “significant” undeveloped Tier I inventory.