JPMorgan analyst Arun Jayaram raised the firm’s price target on Exxon Mobil (XOM) to $133 from $124 and keeps an Overweight rating on the shares. The firm adjusted ratings and targets in the integrated oils sector as part of its 2026 outlook. The outlook for the group continues to shaped by supply side risks for oil, but a more constructive outlook downstream, the analyst tells investors in a research note. Amid the rise in geopolitical risks, JPMorgan says the U.S. majors screen more attractive than the Canadian integrateds. It cites relative valuations for the rating changes.
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