Bernstein analyst Bob Brackett last night downgraded Chevron to Market Perform from Outperform with a price target of $167, down from $183. The analyst worries about the direction of oil price in the coming quarters. The firm sees balance requiring a “strong and nimble OPEC hand,” but worries about their short-term track record. It reduced its oil price outlook for the next 18 months by a “modest” $5 to $75 per barrel. For Chevron shares, Bernstein sees roughly 6% upside but with the merger math of Hess Corp. (HES) shareholders receiving 1.025 shares of Chevron, a successful close yields 16% upside in Hess.
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