Piper Sandler raised the firm’s price target on Chevron to $204 from $180 and keeps an Overweight rating on the shares ahead of quarterly results. The firm views IOCs as increasingly well positioned within energy, and while near-term refining valuations probably got a bit overextended recently, there is growing investor confidence in “higher for longer” margins driven by continued market tightness into 2025+, driving far more attractive and sustainable shareholder returns than appreciated.
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