Morgan Stanley analyst Devin McDermott resumed coverage of Chevron (CVX) with an Overweight rating and $174 price target The firm believes the closing of the Hess acquisition removes an overhang on the shares and strengthens Chevron’s business model. While the company’s long-term organic growth is still below peers, this is balanced by its “leading rate” of free cash flow change into 2026, the analyst tells investors in a research note.
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