Chevron price target lowered to $194 from $206 at UBS

UBS lowered the firm’s price target on Chevron to $194 from $206 and keeps a Buy rating on the shares. Chevron’s EPS was below Street estimates, and while a portion of the miss was due to timing/one-time items, when combined with Permian growth headwinds, a longer TCO delay vs. expectations and higher capex outlook, the stock underperformed the S&P500 Energy Index by 450bps on Friday, the analyst tells investors in a research note.