Raymond James lowered the firm’s price target on Chevron (CVX) to $160 from $170 and keeps an Outperform rating on the shares. The firm’s Q3 estimates for oil majors are a “mixed bag,” but thinks focus will remain squarely on the oil macro, the analyst tells investors in a research note. Chevron offers a positive risk/reward, especially as the Hess integration process gets underway, the firm adds.
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