Chevron upgraded to Buy from Hold at Jefferies

Jefferies upgraded Chevron to Buy from Hold with an $184 price target. Shares lagged U.S. peers in 2023 driven by a U.S. production miss, the Hess Corp. (HES) surprise and dilution and TCO cost overruns, notes the firm, which sees Chevron as well positioned to reverse that performance in 2024 with improved execution, better visibility, and confidence in numbers. The firm sees potential for CFPS growth to translate into positive revisions and improved valuation, the analyst added.