Deutsche Bank Starts Chevron (CVX) at Buy

Deutsche Bank initiates coverage on Chevron (NYSE: CVX) with a Buy rating and a price target of $142.00.

Analyst Ryan Todd said, " In some ways, Chevron is the standard bearer for Super Major dynamics in recent years: rapid spending growth driven by huge, capex-heavy projects, shrinking free cash flow, and disappointing growth. However, its strength remains its steady plan and clear identity: organically driven, deep, oil-levered, high-margin project queue, now complimented by possibly the highest quality US onshore position in the industry. The turn in capex/cash flow may still be 12 months out, but the coming inflection will drive leading growth (20% by 2017) and free cash flow (~6.0% in 2017) in the coming years."

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 $124.37 yesterday.

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