) has received a downgrade from Truist Securities to Hold from Buy. The firm has also slashed its price target for ExxonMobil's shares from $146 to $124, citing valuation concerns in the near term.Get some trending tickers here, Exxon Mobile with a downgrade by true is taking the stock from a buy to a whole rating is also trimming its price target on the stock here.
Having said that just to pull out a quote from this particular note, they say while we continue to believe that Guyana World Class asset in the pioneer acquisition for Exxon was positive, they're forecasting shares to underperform piers near term given current valuation. When you take a look, even the gains that we've seen over the last month is actually off just about 1.5% over the last year.So I think there's questions about ultimately the driver here of the business.
Again though, it it's not having much impact on the stock here because here we are today, Exxon is still well above 100 bucks a share.And that trend had been to the upside here, not so much on the one month, one month chart that we have here, but then the start of the year has been on this uptrend.
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