Exxon Mobil (XOM -0.5%) is downgraded to Underweight with an $85 price target (from $90) at Morgan Stanley, which prefers Chevron's (CVX +0.2%) expected relatively higher production growth and relatively improving returns in each of the next five years. Modeling the 15 top growth projects for CVX and XOM, the firm sees CVX's projects driving 4% higher relative upstream ROCE over five years.
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