Morgan Stanley analyst Devin McDermott lowered the firm’s price target on Exxon Mobil (XOM) to $134 from $137 and keeps an Overweight rating on the shares. The firm marked its 2026-27 oil price deck for strip as of January 7 in conjunction with its Q4 preview for the E&Ps, oil majors and Canadian producers. The firm expects “fairly clean” Q4 operational updates but lighter cash flow from price realizations, the analyst tells investors in the preview.
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