Analysts at JPMorgan upgraded their rating on Chevron Corp. stock to buy on Wednesday, saying the energy giant’s “defensive characteristics” are becoming more important amid economic uncertainty and the stock’s valuation is also attractive.
The analysts, led by John Royall, also raised their price target on Chevron stock CVX by about 5.5% to $170 a share, representing an upside of about 13% over Wednesday’s share prices.
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