UBS Downgrades Chevron (CVX) to Neutral on Valuation

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UBS downgraded Chevron (NYSE: CVX) from Buy to Neutral saying the stock is fully valued. The firm maintained a $120 price target.

The firm comments, "CVX has outperformed the Integrated peers by ~10% over the last 12 months with shares now trading at 5.5x 2013 EV/DACF, in line with the peer group average (vs. historical nearly 1x discount) & above its historical multiple of 4.9x. Given the outperformance, CVX’s relative P/E vs. S&P 500 is also now in line with its 5-year & 10-year historical averages."

For an analyst ratings summary and ratings history on Chevron click here. For more ratings news on Chevron click here.

Shares of Chevron closed at $116.50 yesterday, with a 52 week range of $95.73-$118.53.

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