TD Cowen raises PT on Exxon citing higher Permian gains
TD Cowen raises price target on U.S. oil major Exxon Mobil XOM.N to $135 from $128
New PT represents a premium of ~13% to stock's last close
Brokerage says that XOM's improved Permian recovery and cost cuts are driving higher earnings and cash flow to 2030 with no extra capex, which further differentiates co from peers
We expect the relatively low oil price needed to cover its dividend, underlying CFO growth, and excess balance sheet capacity enable XOM to maintain its current shareholder distributions - brokerage
TD Cowen continues to see Exxon's current distribution pace as de-risked even assuming lower free cash flow through 2030 than XOM forecasts
16 of 29 brokerages rate the stock "buy" or higher and 13 "hold"; median PT is $132 - data compiled by LSEG
As of last close, XOM up 11.1% YTD
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