Exxon Mobil price target raised to $130 from $128 at Mizuho

Mizuho raised the firm’s price target on Exxon Mobil to $130 from $128 and keeps a Neutral rating on the shares. The firm reduced its commodity price outlook for the second half of 2024 to 2027 and reduced net asset value-based price targets by 7% across the oil and gas exploration group. The analyst remains constructive on the U.S. oil and gas sector fundamentals despite lowering 2024 and 2025 EBITDA estimates. While growing macroeconomic fears, resilient U.S. demand, potential for resumption of OPEC+ production and delays on key projects have led to drops in oil prices over the last month, “micro” fundamentals for the sector remain strong with operating efficiencies improving, capital discipline holding and stocks offering above-market cash returns, the analyst tells investors in a research note.