Wolfe downgrades Exxon Mobil to Peer Perform on ‘stretched’ valuation

Wolfe Research analyst Sam Margolin downgraded Exxon Mobil to Peer Perform from Outperform without a price target. Exxon has earned a premium valuation and extended outperformance due to successful delivery of capital efficiency goals and cost reductions, the analyst tells investors in a research note. While the company’s portfolio “remains advantaged,” the stock’s relative valuation calls for a downgrade, contends the firm. Wolfe views Exxon’s valuation as “stretched’ at current share levels.