Street View: Exxon to be driven in 2024 by Pioneer deal, strong asset portfolio

** Exxon Mobil Corp XOM on Friday missed analysts' estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains

** Median PT of 26 brokerages covering the stock is $129 - LSEG data

NOTHING HAS CHANGED DESPITE SHARE SELLOFF

** Jefferies ("buy," PT: $148) says XOM has the asset portfolio to meet long-term targets in upstream while it continues to improve its downstream assets

** Adds, upside from low-carbon initiatives have not yet been captured in valuation

** RBC Capital Markets ("sector perform," PT: $120) sees Hess arbitration verdict and guidance and synergy update after the closing of the Pioneer deal as key in driving sentiment for the stock

** Evercore ISI ("outperform," PT: $135) says XOM better positioned to increase earnings than at any time in over a decade

** Adds co's high quality investment opportunities and established track record of delivery is the key differentiator

** Brokerage says closing of Pioneer deal will highlight the efficiency and integration opportunities the deal promises

** Bernstein ("outperform," PT: $139) says co's low-carbon investments represent a strong opportunity in a billion-dollar market