Wolfe Research analyst Doug Leggate lowered the firm’s price target on Exxon Mobil (XOM) to $153 from $158 and keeps an Outperform rating on the shares. The firm says the company’s 8k is “unusually complex,” published later than normal, with details specific to the Middle East. The bottom line seems to be that timing of hedge accruals is 1-time and will reverse, Wolfe adds. Underlying earnings are higher sequentially, but the bigger risk is rotation out of energy, the firm argues.
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