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Exxon Mobil’s Price Target Cut at Jefferies (XOM)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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