Chevron (CVX) PT Raised to $225 at Mizuho
Mizuho analyst Nitin Kumar raised the price target on Chevron (NYSE: CVX) to $225.00 (from $217.00) while maintaining a Outperform rating.
The analyst commented: "Although CVX 1Q26 earnings were impacted by timing effects from highly volatile commodity prices (~60% below street), key drivers of strong FCF growth for the balance of 2026 remain in place. Critically, Chevron has lower upstream exposure to the Middle East relative to peers (especially XOM) and more exposure to Pacific Rim refining. CP Chem earnings may also be on an upward trajectory given dislocations in the PetChem market in the Middle East and feedstock pricing. Well followed outages in key assets (e.g., TCO, Israel LNG) during 1Q26 are back online, while remaining headwinds to Australia LNG (Wheatstone) should be resolved in a 'matter of weeks'. A new discovery in the Gulf of America (Bandit) alongside other resource expansion opportunities discussed at the recent Investor Day give a glimpse of sustained FCF generation beyond 2030. We raise our NAV-based PT to $225 (from $217) and reiterate our Outperform rating."