Chevron price target lowered to $175 from $180 at Raymond James

Raymond James lowered the firm’s price target on Chevron (CVX) to $175 from $180 and keeps an Outperform rating on the shares. Chevron offers a positive risk/reward, with its strong financial base, high relative shareholder payout, and elevated oil exposure, particularly approaching key inflections and catalysts, the analyst tells investors in a research note. The firm calls Q4 earnings a “bump in the road,” and believes operational execution remains solid.