RBC Capital raised the firm’s price target on Chevron (CVX) to $220 from $200 and keeps an Outperform rating on the shares. The firm’s new price target on the stock incorporates its new commodity price forecast, the analyst tells investors in a research note. Similar to peers, Chevron has also pre-released some guidance ahead of the quarter, highlighting similar themes to peers including significant timing effect headwinds as well as various outages in the upstream which suggest volumes down sequentially, RBC added.
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