Raymond James raised the firm’s price target on Chevron (CVX) to $175 from $160 and keeps an Outperform rating on the shares. With a strong financial base, high relative shareholder payout, and solid asset base, the firm thinks Chevron offers a positive risk/reward, particularly as we approach key inflections/catalysts. Q3 earnings were solid and highlighted the prolific upstream asset base following the HES acquisition, and Raymond expects more synergies/upside over the next several quarters.
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