Citi analyst Alastair Syme raised the firm’s price target on Exxon Mobil (XOM) to $175 from $150 and keeps a Neutral rating on the shares. The firm believes the Middle East conflict will bring a lowering cost of equity for oil and gas stocks, which results in increased price targets across the board. The war could create “structural re-engagement” of the investment community in the oil and gas sector, the analyst tells investors in a research note. Citi’s top picks are TotalEnergies, ConocoPhillips, and BP.
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