Chevron price target lowered to $204 from $216 at Bernstein

Bernstein lowered the firm’s price target on Chevron (CVX) to $204 from $216 and keeps a Market Perform rating on the shares. While the firm acknowledges that there are a multitude of paths that oil markets can take from here — with the Strait of Hormuz staying closed for years as an extreme — Bernstein updates its models assuming a return to normal by mid-year.