Chevron initiated with a Market Perform at Bernstein

Bernstein analyst Bob Brackett initiated coverage of Chevron with a Market Perform rating and $184 price target as part of a broader research note on Americas Oil. While volatility has heightened, the market is at mid to late cycle stage on oil price, the analyst tells investors in a research note. The firm further notes however that Chevron’s upstream strategy is “shalier and lacks the international powerhouse of a Guyana”. Bernstein further states that its forecasts show Exxon Mobil’s higher CAGR for production growth at 6% vs. 4% for Chevron.