BofA lowered the firm’s price target on Chevron (CVX) to $170 from $172 and keeps a Buy rating on the shares. The firm, which refreshed its refiners estimates and notes it is below consensus for 2025 and 2026 EBITDA, points out that its price objectives for the “Majors” Chevron, ExxonMobil, and Occidental are “little changed,” but adds that it revised up its targets for refiners, as they no longer embed a worse case recessionary environment.
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