Chesapeake price target raised to $85 from $83 at Wells Fargo

Wells Fargo analyst Roger Read raised the firm’s price target on Chesapeake to $85 from $83 and keeps an Equal Weight rating on the shares. The firm expects a financial miss and outspend in Q2 for Chesapeake due to weaker gas and NGL pricing, but sees strong cash returns via a buyback in 2H23, the analyst tells investors in a research note.