Wells Fargo cuts ExxonMobil to Equal Weight and upgrades BP to Overweight

Wells Fargo lowered ExxonMobil to Equal Weight from Overweight on October 1, 2026, with a $182 price target. The same broker-moves report upgraded BP to Overweight. The call reads as a relative preference between two majors rather than a new view on ExxonMobil's operations.

• Rating changed from Overweight to Equal Weight
• Price target of $182
• BP upgraded to Overweight in the same report