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4 big analyst picks: Chevron no longer a sell, says JPMorgan
4 big analyst picks: Chevron no longer a sell, says JPMorgan By Investing.com
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Published May 31, 2023 05:29AM ET
(C) Reuters.
By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Chevron, Xylem, and Fluent, and a buy initiation at Five9.
InvestingPro subscribers got this news first. Never miss another market-moving headline.
Chevron upgraded to Neutral at JPMorgan
JPMorgan upgraded Chevron (NYSE:CVX) to Neutral from Underweight and raised its price target to $170.00 from $161.00.
According to the firm, Chevron’s valuation fully accounts for the company’s LSD production growth potential led by high-margin assets (Permian, Tengiz) and commitment to a long-term return of capital plan that should hold through the cycle.
After a period of underperforming, the firm believes that Chevron is not excessively expensive compared to its peer group, especially ExxonMobil (NYSE:XOM), its closest peer.
4 big analyst picks: Chevron no longer a sell, says JPMorgan
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