Piper Sandler lowered the firm’s price target on Chevron (CVX) to $173 from $184 and keeps an Overweight rating on the shares. Piper views the relative valuation gap between Exxon (XOM) and Chevron implying a more than 65% chance of the Hess (HES) deal failing, offering 15%-25% upside vs. 5%-10% downside into the coming arbitration, the analyst tells investors in a research note. Meanwhile, the firm says strong portfolio momentum, project starts and capital expenditure moderation should drive a $6B-$7.0B positive inflection in free cash flow in 2025.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CVX:
- Woodside and Chevron Agrees on LNG Asset Swap Deal
- Top 5 Trends That Shook Up Investing in 2024 and Will Continue in 2025
- Dow Jones Industrial Average Can’t Shake UnitedHealth Woes Even with Interest Rate Cut Hopes
- Blinken says everything on table with Venezuela licenses, Bloomberg reports
- Chevron upgrades Pasadena refinery to increase capacity, product flexibility