Jefferies Downgrades Chevron (CVX) to Hold

Earleir, Jefferies downgraded Chevron (NYSE: CVX) from Buy to Hold with a price target of $135.00.

The analyst comments, "We think CVX will struggle to grow its FCF further from its already strong position in 2012, despite its good prospects for production growth. In contrast to Eni and Total the market clearly believes the growth story, hence its premium rating. Given that it is trading towards the top end of our valuation ranges, we believe it’s time for a 'pause for breath' on the stock."

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 $120.28 yesterday.

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