Exxon Mobil price target raised to $128 from $120 at TD Cowen

TD Cowen raised the firm’s price target on Exxon Mobil (XOM) to $128 from $120 and keeps a Buy rating on the shares. The firm said the company is differentiating itself from peers on technology deployment to improve resource recovery and create deal space. It continues to suggest investors should think of Exxon Mobil more like an industrial equity. Incremental data points included upside to Pioneer Natural (PXD) synergies, potential for Hess Corp. (HES) arbitration ruling before 90 day clock, and Baytown H project contingent on regulations supporting market. Exxon Mobil remains a top pick.