BofA upgraded Chevron (CVX) to Buy from Neutral with a price target of $200, up from $190. The response to earnings that leaves Chevron shares 15% lower since the Hess (HES) merger was announced “looks overdone,” the analyst tells investors. The investment case reset “warrants another look,” not least when considering the positive impact Hess has on Chevron’s outlook, the analyst added.
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