Chevron price target lowered to $170 from $185 at Cowen

Cowen analyst Charles Ryhee lowered the firm’s price target on Chevron to $170 from $185 and keeps an Outperform rating on the shares. The analyst noted the shares have underperformed energy by 6% year-to-date on Permian development concerns, which is its marquee asset. While those concerns are valid, we believe it can absorb potential higher development costs within its current capital budget and maintain prior company-wide targets.