Simmons Upgrades Chevron (CVX) to Overweight
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Simmons, a unit of Piper Jaffray, upgraded Chevron (NYSE: CVX) from Neutral to Overweight with a price target of $117.00 (from $110.00).
Analyst Guy Baber commented, "Although delivery remains something of a concern and CVX does not offer the deeply discounted valuation that Shell may, we believe CVX is an attractive name at this point of the cycle. CVX offers impressive financial resilience and dividend sustainability alongside leading operational leverage to eventual oil price normalization and a seemingly more sustainable business model. Premium valuation is warranted."
Shares of Chevron closed at $101.20 yesterday.
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