** Raymond James downgrades oil major to"underperform" from "market perform"
** XOM's higher exposure to refining and chemicals businessto "inherently limit leverage to oil prices" in 2019 - RaymondJames
** XOM's R-squared, the measure of the stock's correlationwith Brent, is lower than than peers BP Plc,Shell, Chevron, and Total - RaymondJames
** XOM is the only oil major to not return cash to investorsvia buybacks - Raymond James
** Out of 23 brokerages, 6 rate the stock "buy" or higher,13 "hold" and 4 "sell" or lower; Median PT $87
** On a YTD basis: XOM's stock down 5.3 pct, TOTF up ~8 pct,CVX down 4.6 pct, BP up 2.6 pct, Shell down 3 pct(Reporting by Shanti S Nair in Bengaluru)