Analysts at Goldman Sachs lowered their rating on Exxon Mobil Corp. stock on Monday, saying that the energy giant’s “sharp, multi-year outperformance” is now reflected in its valuation.
The Goldman analysts, led by Neil Mehta, rated Exxon shares XOM to neutral, from buy, a position they took in late 2020. Since then, Exxon shares have returned more than 175%, compared with returns of around 13% for the S&P 500 index SPX and Chevron Corp.’s CVX returns of more than 89% in the same timeframe.
“Beyond…
