Exxon Mobil price target raised to $148 from $146 at Jefferies

Jefferies raised the firm’s price target on Exxon Mobil (XOM) to $148 from $146 and keeps a Buy rating on the shares following update that “was received positively” with earnings growth beyond the 2024 plan, primarily from Upstream. Capex was reduced due to less low carbon spending and efficiencies, while plans for shareholder returns were reiterated, the analyst noted following the company’s investor event.