Exxon Mobil (XOM) Price Target Cut by $17 at TD Cowen

TD Cowen lowered its price target on Exxon Mobil Corporation (NYSE:XOM) by $17 to $130, while maintaining a "Buy" rating. The adjustment comes amid declining oil prices and expectations of lower Q2 earnings.

Rating Change

• Previous Price Target: $147
• New Price Target: $130
• Rating: Buy (unchanged)

Analyst Rationale

The analyst at TD Cowen believes that falling crude oil prices will negatively impact Exxon Mobil's Q2 earnings. Weaker refining margins are also pressuring results. However, the analyst remains optimistic about the company's ability to generate strong cash flows and attractive dividends.

Context

This price target cut comes at a time of oil price volatility due to concerns over slowing global demand. Exxon Mobil, offering an annual dividend yield of 3.01%, is considered one of the best blue-chip dividend stocks. Other analysts have mixed views, with a consensus price target of $145.

What to Make of It

Despite the lowered price target, the Buy rating suggests the analyst sees the stock as undervalued. Income-seeking investors may find Exxon Mobil attractive due to its strong dividend yield.