** U.S. oil major Exxon Mobil XOM.N on Tuesday signaled a roughly $5 billion sequential boost to Q2 earnings, driven by higher oil prices amid Middle East tensions and improved refining margins

** Exxon shares were down 1.9% at $138.4

ANALYSTS CAUTIOUS ON EXXON OUTLOOK AFTER Q2 PREVIEW

** Brokerage Mizuho ("neutral") cuts PT to $170 from $175 citing a weaker commodity backdrop, lower oil price assumptions, and reduced near-term earnings estimates

** Adds that the call is likely to center on the commodity outlook and Exxon's Middle East exposure, particularly the Qatar LNG rebuild

** Brokerage J.P. Morgan ("overweight") cuts PT to $158 from $173 citing lower commodity price assumptions and reduced earnings and cash flow estimates

** Brokerage Citigroup ("neutral") cuts PT to $155 from $175 citing a broadly in-line update, weaker upstream vs expectations, and lower 2026 cash flow assumptions

** Says co has difficulty calibrating Qatar related high-margin volume outages