Exxon Mobil price target raised to $169 from $166 at Argus

Argus analyst Bill Selesky raised the firm’s price target on Exxon Mobil (XOM) to $169 from $166 and keeps a Buy rating on the shares. The firm cites the company’s Q1 earnings beat, while also noting that earnings largely reflected lower volumes from Middle East impacts, operations disruptions in Kazakhstan and from U.S. Winter Storm Fern, along with higher depreciation expense. Argus adds it is raising 2026 EPS view by 30 cents to 7.91 after Q1 results and based on expectations for higher production rates in 2026 from both Permian and Guyana assets.