Chevron (CVX) PT Lowered to $168 at Piper Sandler

Piper Sandler analyst Ryan Todd lowered the price target on Chevron (NYSE: CVX) to $168.00 (from $169.00) while maintaining an Overweight rating.

The analyst commented: "Company analyst days rarely change expectations, and while CVX's update was largely within the "fairway", we view the incremental disclosure as both positive at the margin, and relatively conservative. The combination of a $1.0B reduction in capex guidance, $1.0B reduction in YE26 cost savings, $500M increase in HES synergies and modest upside to 2030 production (4.2 Mmboe/d at midpoint vs. PSC 4.1 Mmboe/d) resulted in 2030 FCF (at $70/bbl Brent) of ~$30B vs. our prior $28B. But also notable is the extent to which the fiveyear outlook is de-risked, with ~$24B of the $30B FCF target already operational. And while some investor concerns are likely to linger for now on post-2030 growth (including TCO contract negotiations), the investment case for large energy companies is largely focused on sustainability/growth of shareholder returns, and with a FCF/sh CAGR of 15%/yr from 2025-2030, CVX remains a leader amongst its peers. Maintain Overweight; PT to $168."

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