Wells Fargo raised the firm’s price target on Chevron (CVX) to $222 from $204 and keeps an Overweight rating on the shares. With a ceasefire in Iran, the firm moves its long-term oil forecast to $75/$70 Brent/WTI. As in 2022, a mid-cycle correction sets up an entry point for a more orderly re-rating of advantaged stocks, adds Wells.
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