Exxon Mobil price target raised to $183 from $156 at Wells Fargo

Wells Fargo analyst Sam Margolin raised the firm’s price target on Exxon Mobil (XOM) to $183 from $156 and keeps an Overweight rating on the shares. The firm notes shares have led the index higher and are re-rating. Wells views Exxon’s multiple expansion not as a convergence on other sectors, but rather as establishing a unique valuation to express durability in return of capital.