Oil rout erodes second-quarter profits for U.S. majors Exxon, Chevron

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UBS Cuts Price Target on ExxonMobil (XOM) to $86; Remains Neutral

August 1, 2016 7:41 AM EDT

UBS maintained a Neutral rating on ExxonMobil (NYSE: XOM), and cut the price target to $86.00 (from $90.00), following the company's 2Q earnings report and conference call.

Analyst William Featherston commented, "1) reiterated 2016 capex guidance of $23.2bn (down 25% YoY) but inferred spending would likely come in... More