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Chevron price target lowered to $173 from $184 at Wells Fargo

Wells Fargo lowered the firm’s price target on Chevron (CVX) to $173 from $184 and keeps an Overweight rating on the shares. The firm’s downwardly revised Q1 2025 EPS estimate of $2.04 mainly reflects higher Upstream DD&A, the absence of Q4 tailwinds and stronger Downstream expectations.

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