Wells Fargo Lifts Exxon Mobil Price Target to $183, Cites Re-rating
Wells Fargo raised its Exxon Mobil price target to $183 from $156 and maintained an Overweight rating, citing valuation re-rating driven by reliable capital returns. Exxon delivered $28.8 billion in 2025 earnings, $52 billion in operating cash flow, achieved 4.7 million boe/d production and $3 billion in cost savings.
1. Wells Fargo Price Target Increase
On February 24, Wells Fargo analyst Sam Margolin raised Exxon's price target to $183 from $156 and maintained an Overweight rating, highlighting a multiple expansion as recognition of the company’s consistent capital returns.
2. Robust 2025 Financial Results
Exxon reported record 2025 results with $28.8 billion in net earnings and $52 billion in operating cash flow, underpinned by strong downstream margins and disciplined capital allocation.
3. Production Milestones and Cost Savings
The company reached 4.7 million barrels of oil equivalent per day, a 40-year high driven by Permian and Guyana projects, while delivering $3 billion in structural cost savings last year, bringing total savings since 2019 to $15.1 billion.