TD Cowen Lowers Price Target for Exxon Mobil – 12/16/2024 at 3:30 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

Dec. 16 – ** Brokerage firm TD Cowen lowered forecast for oil major Exxon Mobil XOM.N to $128 from $132; shares fell slightly in pre-market trading

**Targets for Guyana have been conservative, while spending on reducing carbon emissions has led to higher capital expenditure, while investors are unlikely to fully appreciate the benefits” – TD Cowen

** “Overall earnings growth was in line, but excess cash was lower and capex higher than expected” – brokerage

**The new PT represents an increase of 15.5% from the stock’s last close

**Seventeen of 29 brokerages rate the stock as “buy” or higher, 11 as “hold” and 1 as “sell”; their median forecast is $130, according to data compiled by LSEG

** Through last close, shares were up 10.9% year to date