HSBC upgraded Chevron (CVX) to Buy from Hold with a price target of $215, up from $180. The firm increased estimates for the global integrated oil names due to the “macro shock” from the Middle East conflict. Chevron shares have lagged Exxon Mobil (XOM) year-to-date despite a much lower Middle East exposure, the analyst tells investors in a research note. HSBC prefers Chevron to Exxon, citing its “unusually deep discount,” lower Middle East exposure, and higher balance sheet gearing which offers more leverage to rising commodity prices.
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