BofA raised the firm’s price target on Exxon Mobil (XOM) to $135 from $129 and keeps a Neutral rating on the shares. After benchmarking European and U.S. integrated oil supermajors, the firm contends that the U.S. valuation premium is “still overdone.” Among the group of five, it prefers Buy-rated TotalEnergies (TTE) and Chevron (CVX) over Neutral-rated Exxon and Shell (SHEL), mostly on valuation grounds, as well as Underperform-rated BP (BP).
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