HSBC analyst Kim Fustier downgraded Chevron (CVX) to Hold from Buy with a price target of $158, down from $176. The sharp fall in oil prices since early April has raised pressure on oil majors’ financial frameworks, which were designed to work at $70 per barrel oil, the analyst tells investors in a research note. The firm cites its lower price deck and reduced valuation upside for the downgrade of Chevron.
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