Chevron price target raised to $206 from $198 at Wells Fargo

Wells Fargo raised the firm’s price target on Chevron to $206 from $198 and keeps an Overweight rating on the shares. Chevron remains the firm’s IOC top pick. The company’s outlook, returns profile, cash returns and capital allocation discipline support Wells’ positive view. WPMP start-up a positive, in the firm’s view.