Goldman Sachs Sees Outperformance Ahead For Chevron: Here's Why
Portfolio Pulse from Adam Eckert
Goldman Sachs has upgraded Chevron Corp (NYSE:CVX) from Neutral to Buy and set a $187 price target. The upgrade is based on a cash flow inflection point that should set the company up for increased capital returns at a more attractive valuation. The Goldman analyst expects Chevron to add approximately $1.5 billion to earnings in 2026, driven by improving crude oil flows. Chevron has underperformed the broader energy sector over the last year, but the Goldman analyst expects that to change in the years ahead.
July 31, 2023 | 2:36 pm
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Goldman Sachs has upgraded Chevron Corp (NYSE:CVX) from Neutral to Buy and set a $187 price target. The upgrade is based on a cash flow inflection point that should set the company up for increased capital returns at a more attractive valuation.
The upgrade from Goldman Sachs is based on a cash flow inflection point that should set the company up for increased capital returns at a more attractive valuation. This is expected to add approximately $1.5 billion to earnings in 2026, driven by improving crude oil flows. This positive outlook could lead to an increase in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100