RBC Capital analyst Biraj Borkhataria raised the price target on Chevron (NYSE: CVX) to $220.00 (from $200.00) while maintaining a Outperform rating.

The analyst commented: "Similar to peers, CVX has pre-released some guidance ahead of the quarter, highlighting similar themes to peers including significant timing effect headwinds ($2.7-3.7bn), of which two thirds are expected to be in the downstream, as well as various outages in the upstream which suggest volumes down qoq. Given the ranges on guidance given, we expect consensus numbers to be particularly wide for this quarter, a trend that is in line with the peer group. Key changes to our estimates for 1Q are as follows: • Upstream earnings unchanged at $4.4bn • Downstream earnings from $990m to -$1.8bn reflecting the negative timing effects. Overall our adjusted net income estimate moves from $4.4bn to $1.65bn ($0.83/share EPS) and our underlying CFFO moves from $9.7bn to $6.3bn reflecting impacts from negative margining and other one-offs."