Chevron: stock rises with broker upgrade
(CercleFinance.com) - The Chevron stock closed up 1% yesterday, benefiting from a positive analysis by RBC.
On Thursday the broker upgraded Chevron from "sector perform" to "outperform", raising its target price for the stock from $165 to $180.
While it expects the economic environment to remain volatile, the Canadian broker believes that the strength of the US oil group's upstream activities should in particular benefit from OPEC's policy to support oil prices.
The broker also highlights the strength of Chevron's balance sheet, as well as its "discipline" in terms of both organic development and external growth, which in its opinion make it a defensive stock in the long term.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
On Thursday the broker upgraded Chevron from "sector perform" to "outperform", raising its target price for the stock from $165 to $180.
While it expects the economic environment to remain volatile, the Canadian broker believes that the strength of the US oil group's upstream activities should in particular benefit from OPEC's policy to support oil prices.
The broker also highlights the strength of Chevron's balance sheet, as well as its "discipline" in terms of both organic development and external growth, which in its opinion make it a defensive stock in the long term.
Copyright (c) 2023 CercleFinance.com. All rights reserved.