Morgan Stanley analyst Devin McDermott raised the firm’s price target on Exxon Mobil (XOM) to $137 from $135 and keeps an Overweight rating on the shares after the company raised its growth targets through 2030 while trimming capital spending plans. Management now expects $25B of earnings growth and $35B of cash flow uplift in 2024-30 at normalized prices and margins, both $5B higher than prior guidance, notes the analyst, whose 2026-30 free cash flow estimates increase by 1.5% on average after the company hosted its annual Corporate Plan Update.
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