HSBC downgraded Chevron (CVX) to Hold from Buy with a price target of $180, up from $169. The firm cites valuation for the downgrade following the stock’s rally year-to-date. HSBC continues to like Chevron’s mix of cash flow growth and financial discipline. However, the stock’s 16% increase in 2026, driven by hopes around Venezuela and the oil price rally, has “stretched valuations,” the analyst tells investors in a research note.
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