Piper Sandler raised the firm’s price target on Exxon Mobil (XOM) to $134 from $131 and keeps an Overweight rating on the shares. Heading into Q2 earnings, the firm is updating its Exxon Mobil model and estimates based on the recent public disclosure. Provided disclosure suggests downside to Piper’s prior estimate, driven primarily by lower than anticipated Energy Products contributions as well as slightly lower anticipated Upstream earnings, as lower liquids and gas prices weigh on the sector.
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