Wolfe Research upgraded Hess Corp. to Outperform from Peer Perform with a $150 price target. Hess shares have lagged peers since its Chevron merger was announced, but on any realistic arbitration scenario, the gap versus the underlying value has reset the risk/reward of the stand alone investment case, the analyst tells investors in a research note. Wolfe says the scenarios for the potential merger with Chevron have aligned to position the shares with an attractive risk/reward.
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