Chevron upgraded to Outperform from Market Perform at Bernstein

Bernstein upgraded Chevron to Outperform from Market Perform with a price target of $182, down from $184. The company’s volumes were sequentially down in Q3 but guided up in Q4 amid a “barrage of issues that veered toward mundane rather than impactful,” the analyst tells investors in a research note. The firm believes the market’s reaction to the company’s earnings report is overdone.