Mizuho raises 2026 and 2027 oil price outlooks by up to 25%, citing prolonged Iran crisis impact and refining margin strength.
Mizuho increased its price target for Exxon Mobil (XOM) to $175 from $159 while maintaining a Neutral rating. The adjustment follows revised oil price forecasts, with 2026 and 2027 outlooks raised by 25% and 6%, respectively, due to extended geopolitical risks from the Iran crisis.
The firm also lifted US refining crack forecasts by 61% for 2026 and 51% for 2027, citing tighter market conditions. Analysts noted that current stock valuations, despite elevated commodity prices, present opportunities for investors seeking alpha in the oil and gas sector.
Barclays separately raised its Exxon Mobil target to $182 from $163, citing declining inventories, reduced OPEC spare capacity, and muted US production response to Middle East tensions.