BofA says that while Trump decisions could move the needle for specific stocks, the firm reiterates cautious stances on both oil macro and refining valuations, calling the “key stories” the next OPEC decision and how refined product demand tracks through the year after a “very weak” 2024. However, the firm rates Chevron (CVX) a Buy and it is the top pick into 2025 in the group despite the oil macro on rising free cash flow from projects and cost cutting and getting Hess certainty, says the analyst, who keeps a $180 price target on Chevron shares.
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