Chevron's Defenses Stand Strong Amidst Volatile Market Dynamics: JP Morgan Analyst
Portfolio Pulse from Lekha Gupta
JP Morgan analyst John M Royall upgraded Chevron Corp (NYSE:CVX) to Neutral from Underweight, raising the price target to $170 from $161. Royall is bullish on CVX's defensive balance sheet, low net debt to capital, and cash in hand of over $15B. The company's solid financial position is expected to support its capital program and share repurchase program.
May 31, 2023 | 4:39 pm
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JP Morgan upgrades Chevron Corp (NYSE:CVX) to Neutral, raising the price target to $170 from $161. The analyst is bullish on CVX's defensive balance sheet, low net debt to capital, and cash in hand of over $15B.
The upgrade by JP Morgan analyst John M Royall is based on Chevron's strong financial position, low net debt to capital, and cash in hand of over $15B. This solid financial position is expected to support the company's capital program and share repurchase program, which could positively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100