Chevron price target lowered to $168 from $169 at Piper Sandler

Piper Sandler lowered the firm’s price target on Chevron (CVX) to $168 from $169 and keeps an Overweight rating on the shares. The firm believes company analyst days rarely change expectations, and while Chevron’s update was largely within the “fairway,” Piper views the incremental disclosure as both positive at the margin, and relatively conservative. The firm acknowledges that some investor concerns are likely to linger for now on post-2030 growth, but says the investment case for large energy companies is largely focused on sustainability/growth of shareholder returns, and with a free cash flow/share CAGR of 15%/year from 2025-2030, Chevron remains a leader amongst its peers.