Piper Sandler lowered the firm’s price target on Chevron (CVX) to $173 from $184 and keeps an Overweight rating on the shares. Piper views the relative valuation gap between Exxon (XOM) and Chevron implying a more than 65% chance of the Hess (HES) deal failing, offering 15%-25% upside vs. 5%-10% downside into the coming arbitration, the analyst tells investors in a research note. Meanwhile, the firm says strong portfolio momentum, project starts and capital expenditure moderation should drive a $6B-$7.0B positive inflection in free cash flow in 2025.
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