Investing.com -- Piper Sandler has lifted its Chevron price target to a Street-high $243 from $207, part of a broader round of estimate increases across its integrated oil and refiner coverage driven by stronger crude and refining margins.

The firm kept its overweight rating on the stock.

Piper marked its commodity assumptions to a revised deck from its energy strategist, "which includes raising our 3Q Brent forecast to $88/bbl from $80/bbl," analyst John Royall wrote, with fourth-quarter Brent now seen at $90 a barrel. Both were previously $80.

Royall also raised refining crack spread forecasts, lifting the firm's third- and fourth-quarter 321 crack estimates by about $2.00 to $2.50 a barrel and its 2027 assumption by roughly $5, reflecting what he described as "continued supply issues on the diesel side lasting well into next year."

The changes pushed Piper Sandler well above consensus, leaving its estimates about 12% and 27% ahead of Wall Street's 2026 third-quarter and 2027 EBITDA forecasts for the majors, and roughly 15% and 36% above consensus for the refiners.

For the global majors, Royall said higher downstream and gas assumptions increased third-quarter 2026 and 2027 EBITDA estimates by 13% and 14%, respectively, and lifted price targets by an average of 13%. Refiner targets rose an average of 31%.

The analyst kept his ratings unchanged. "Given upsides to our price targets we continue to favor OW-rated CVX, MPC, and VLO relative to their respective groups, and we maintain all current ratings," he wrote.

Elsewhere, Piper Sandler lifted its price target for BP to $46 from $43, MPC to $462 from $344, PSX to $264 from $209, SHEL to $100 from $89, TTE to $93 from $84, VLO to $435 from $329, and XOM to $185 from $158.