Exxon Mobil downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Exxon Mobil (XOM) to Peer Perform from Outperform without a price target The firm cites valuation for the downgrade following the stock’s strong share performance. Absent higher oil price assumptions, Exxon’s recent performance has left the shares fully valued, the analyst tells investors in a research note. Wolfe believes the share price outlook from here “is more likely as a proxy for sector exposure.”