UPDATE: RBC Capital Downgrades Chevron (CVX) to Underperform

(updating comment)

RBC Capital analyst Biraj Borkhataria downgraded Chevron (NYSE: CVX) from Sector Perform to Underperform with a price target of $100.00.

The analyst comments "Chevron has firmly positioned itself as the ‘safe haven’ in the sector, with a flexible capex profile coupled with a robust balance sheet standing out versus many peers. We think the current premium valuation, which is at multi-year highs, leaves limited room for further outperformance, and we downgrade to Underperform."

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 $101.53 yesterday.

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