ExxonMobil Downgraded by Wolfe, Shares Up 38%

Wolfe Research cut ExxonMobil rating to Peer Perform, removing $153 target after five-year top pick status.
Stock closed at $147.68, up 23% YTD and 38% over 12 months, outperforming S&P 500 and energy sector.
Wolfe’s DCF assumes $70 Brent, 7% WACC; at $80 Brent fair value $174, near peak during Iran war premium.
Analyst flagged 20% Middle East force majeure risk and gaps in post‑2030 plan, with four of eight Guyana phases pending.