Exxon Mobil price target raised to $120 from $113 at BofA

BofA raised the firm’s price target on Exxon Mobil (XOM) to $120 from $113 and keeps a Neutral rating on the shares. Prior to the Hess deal, the firm estimated Chevron (CVX) upstream 2026 earnings share at 83% and post Hess this becomes 86% versus Exxon Mobil at 67%, the analyst noted. Most investors would favor Exxon at a similar valuation because consensus is for crude prices to fall over the remainder of the year, but this “ignores the fact” that Chevron trades at a material discount thanks to its “underappreciated” free cash flow inflection story, which the firm thinks will drive a meaningful rerating, the analyst tells investors.