** TD Cowen raises price target on U.S. oil major Exxon Mobil to $132 from $127
** New PT represents a 10% upside to stock's last close
** "Some are concerned XOM will increase Permian spend and production, though a declining rig count suggests limited risk," brokerage says
** Brokerage expects combined Exxon and Pioneer Natural Resources' $(PXD)$ spend to be flat-to-down from the individual companies' spends; says the combined entity should still achieve production targets
** Says that company's breakeven oil price will continue to decline, allowing it to extend its annual $20 bln stock buyback program till the decade's end
** Brokerage anticipates cash flow forecast to increase from $30 bln growth to $43 bln growth between 2019 and 2027, with an additional increase of $6 bln projected through 2030
** "Expects capex guidance to increase by $6 bln, $1 bln higher than what is implied by added spend from recently acquired PXD" - TD Cowen adds
** Seventeen of 29 brokerages rate the stock "buy" or higher, 11 "hold" and 1 "sell"; their median PT is $132 - LSEG
** Including session's moves, stock up 21% YTD
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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