Chevron price target raised to $155 from $150 at Truist

Truist raised the firm’s price target on Chevron (CVX) to $155 from $150 and keeps a Hold rating on the shares. The firm expects the company to have “relatively minimal” earnings and free cash flow growth next year as solid Permian, TCO, offshore and other upstream growth are somewhat offset by future downstream margin pressure and lower oil prices, the analyst tells investors in a research note. Truist adds that it sees a potentially slightly higher share repurchase run rate next year than the $17.5B rate this year, along with a continued pristine balance sheet given free cash flow plus asset sale proceeds.