Exxon Mobil price target lowered to $105 from $115 at RBC Capital

RBC Capital lowered the firm’s price target on Exxon Mobil (XOM) to $105 from $115 and keeps a Sector Perform rating on the shares. The company’s Q1 results were largely in-line, with Exxon Mobil holding steady on its strategic direction amid choppy macro conditions, the analyst tells investors in a research note. RBC adds that its caution continues to be driven by challenging downstream markets, where Exxon Mobil has an overweight position relative to peers, and the firm also expects continued weakness in Chemicals to drive downside to consensus earnings through the year.