Chevron price target lowered to $148 from $170 at Citi

Citi lowered the firm’s price target on Chevron to $148 from $170 and keeps a Neutral rating on the shares. “While some argue that Chevron’s relative underperformance in 2023 is an opportunity, we are less convinced,” the analyst tells investors in a research note. The firm says the company has lost what was a premium valuation, because of operational performance issues and a lack of market enthusiasm around the recent Hess acquisition. Citi believes the basis to reclaim that valuation premium needs to be re-established and says that with 2024 now looking a hiatus year in terms of growth, “could well take time.”