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Exxon cut to Sector Perform at RBC as positives already priced in

Published 07/06/2017, 03:13 PM
© Reuters.  Exxon cut to Sector Perform at RBC as positives already priced in
XOM
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  • Exxon Mobil (XOM -0.8%) is downgraded to Sector Perform from Outperform with a $95 price target at RBC Capital, which says XOM's differentiated downstream positioning generates a significant portion of its free cash flow but already is reflected in the stock's valuation.
  • RBC says XOM has sported consistent best-in-class execution and generated superior returns through the cycle, which should continue going forward, largely driven by the downstream, but this is reflected in its valuation relative to peers.
  • Also, XOM's stock price target is cut to $82 from $90 at Wells Fargo (NYSE:WFC) to reflect the firm's revised commodity price outlook.
  • Now read: Exxon Mobil: The Future Might Not Be Electric Cars


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