Exxon Mobil price target raised to $131 from $125 at Piper Sandler

Piper Sandler analyst Ryan Todd raised the firm’s price target on Exxon Mobil (XOM) to $131 from $125 and keeps an Overweight rating on the shares. The firm is revising Q2 estimates for the IOCs to reflect final Q2 mark-to-market on commodity prices and refining margins, as well as modest adjustments to operating assumptions. Piper is raising its Q2 EPS/EBITDA estimates by 14%/10%, respectively, on average, driven primarily by higher assumed crude price. Based on current estimates, the firm sees modest upside to Street Q2 estimates, although with trading statements and additional disclosures still to come, Piper anticipates that estimates will change modestly in the coming weeks.