XOM - Exxon Mobil's Strategic Shift Pays Off: Morgan Stanley Highlights Potential In Biofuels And Integrated Portfolio | Benzinga
Morgan Stanley analyst Devin McDermott reiterated an Overweight rating on the shares of Exxon Mobil Corp (NYSE: XOM) and raised the price target from $124 to $131.
Through the first half of 2023, about 60% of the earnings improvement has already been delivered (~$5.4 billion annualized), putting XOM slightly ahead of plan, said the analyst.
The analyst's 2027 estimates are now roughly in line with the company's stated goals (versus modestly below on refining & chems prior), driving an increase in the price target.
Management expects about $5 billion annual increase in earnings power by 2027 (versus 2019), with $3.6 billion realized to date. About 1/3 of the increase is ...