JPMorgan upgrades rating on Chevron stock to buy, saying the energy giant's defensiveness is becoming more important and the stock's valuation is attractive.
Analysts at JPMorgan upgraded their rating on Chevron Corp. stock to buy on Wednesday, saying the energy giant’s “defensive characteristics” are becoming more important amid economic uncertainty and the stock’s valuation is also attractive.
The analysts, led by John Royall, also raised their price target on Chevron stock CVX by about 5.5% to $170 a share, representing an upside of about 13% over Wednesday’s share prices. “Our financial priorities have remained consistent, as we aim to reward stockholders with dividend growth, invest for long-term returns, maintain a strong balance sheet to mitigate commodity price risk and return surplus cash via share buybacks through the cycle,” Wirth said.
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