Chevron price target raised to $196 from $190 at BofA

BofA raised the firm’s price target on Chevron to $196 from $190 and keeps a Buy rating on the shares, calling the company’s Q4 operating performance “the answer management needed to the over reaction to a challenged 3Q23 report.” Permian production bounced back to meet fiscal year guidance and strong production lifted E&P earnings to “handily beat” Street expectations, the analyst tells investors.