Bernstein analyst Bob Brackett lowered the firm’s price target on Exxon Mobil (XOM) to $182 from $195 and keeps an Outperform rating on the shares. While the firm acknowledges that there are a multitude of paths that oil markets can take from here — with the Strait of Hormuz staying closed for years as an extreme — Bernstein updates its models assuming a return to normal by mid-year.
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