Oil behemoth Exxon Mobil Corporation ( XOM ) on Wednesday saw its price target lowered by analysts at Jefferies & Co amid a sharp recent drop in oil prices.
The firm said it cut its price target on XOM to $80, suggesting a smaller 12% upside to the stock's Tuesday closing price of $71.64.
Jefferies noted the company's downstream margins could take a hit amid falling oil prices, particularly in European markets. The analyst currently rates XOM as a "Hold."
Exxon Mobil shares fell $1.24, or -1.7%, in premarket trading Wednesday.
The Bottom Line
Shares of Exxon Mobil ( XOM ) have a 2.62% dividend yield, based on last night's closing stock price of $71.64. The stock has technical support in the $65-$69 price area. If the shares can firm up, we see overhead resistance around the $75 price level.
Exxon Mobil Corporation ( XOM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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