Piper Sandler analyst Ryan Todd lowered the firm’s price target on Exxon Mobil (XOM) to $182 from $186 and keeps an Overweight rating on the shares. The firm’s expectation heading into Q1 results season has been that first quarter results would be “noisy” to say the least, given March’s extreme volatility, and early indications have supported that view. Piper is revising its Q1 2026 EPS/EBITDA estimates lower driven primarily by weaker than expected refining, chems, and specialty products, partially offset by a mark-to-market on higher commodity prices.
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