Wells Fargo downgraded Exxon Mobil (XOM) to equal weight while keeping its price target at $182 per share. According to Sina Finance, the target still implies 12% upside from Wednesday's close of $162.75.

Wells Fargo analysts said Exxon Mobil's overall operating stability in 2026 has been solid, but the oil major faces several timing-related factors and external headwinds, including damage to its Qatar project. They said they expect the frequency of production disruptions to decline and see the stock's valuation moving toward the $182 target, but kept the rating at equal weight because direct peers have greater upside potential. They also said BP is undergoing a structural transformation driven by the external environment and asset portfolio optimization, and Exxon Mobil's current valuation premium may narrow.