Exxon Mobil Corporation (XOM) has seen a flurry of analyst activity, with price targets adjusted by multiple firms reflecting differing views on the energy giant’s prospects. The adjustments follow ExxonMobil’s recent corporate plan update and broader market concerns about oil oversupply.
Exxon Mobil Price Targets Mixed
Exxon Mobil’s stock price has remained relatively stable amidst the analyst activity. As of midday trading on December 12, 2025, XOM is trading near the $111.50 level.
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Wells Fargo increased its price target on Exxon Mobil to $158 from $156, maintaining an “Overweight” rating. This positive outlook stems from Exxon Mobil’s projection of a $25 billion increase in earnings and a $35 billion rise in cash flow by 2030 without additional capital spending. Wells Fargo also highlighted that 60% of the increased upstream profitability is expected to come from the Permian Basin. According to GuruFocus, Wells Fargo’s analysis aligns with Exxon’s advancements in reducing greenhouse gas emissions ahead of schedule.
Bank of America (BofA), however, lowered its price target to $118 from $119, keeping a “Neutral” rating. This adjustment reflects a cautious stance, potentially driven by concerns about oil market oversupply and high gas storage levels.
Mizuho also adjusted its price target, raising it to $132 from $129 while maintaining a “Neutral” rating. Mizuho’s analysis, part of its broader 2026 outlook for the exploration and production (E&P) sector, suggests “underappreciated value” in the group, particularly in oil E&Ps, based on longer-term fundamentals.
Other firms have also weighed in recently. Morgan Stanley increased its price target to $137, UBS to $145, and Scotiabank to $155, all maintaining positive ratings. In contrast, Citigroup raised its target to $118 while maintaining a Neutral rating.
Exxon Mobil’s management recently announced a $5 billion increase to upstream earnings power at constant commodity prices by 2030, alongside an increase in structural cost savings by $2 billion to a total of $20 billion.
XOM Analyst Summary
Bull Case
- Wells Fargo sees earnings power growth and Permian Basin strength.
- Morgan Stanley, UBS, Scotiabank see positive growth prospects.
- ExxonMobil reducing greenhouse gas emissions ahead of schedule.
Bear Case
- BofA cites oil market oversupply and high gas storage.
- Mixed analyst ratings suggest uncertainty in near-term performance.
- Macroeconomic factors could impact future profitability.
The varied analyst perspectives suggest a complex outlook for Exxon Mobil. While some firms are optimistic about the company’s strategic initiatives and cost-saving measures, others remain cautious due to macroeconomic factors and market conditions.
