TD Cowen raised its price target on Exxon Mobil (NYSE:XOM) to $128 from $120 while maintaining a Buy rating, emphasizing the company’s strategic differentiation through advanced technology deployment and improved earnings visibility.

The firm noted that Exxon is increasingly positioning itself more like an industrial equity, leveraging innovation to boost resource recovery and enhance its deal-making flexibility. Recent developments supporting the bullish view include better-than-expected synergy potential from the Pioneer Natural Resources acquisition, the possibility of an arbitration ruling in the Hess deal within the next 90 days, and regulatory-dependent progress on the Baytown hydrogen project.

TD Cowen continues to list Exxon as a Top Pick, with the higher price target reflecting stronger near-term earnings. The firm’s valuation is anchored on a net present value model of free cash flow, using 2030 as the terminal year, underscoring confidence in Exxon’s ability to deliver durable value amid a shifting energy landscape.