(News Bulletin 247) – RBC announced on Thursday that it had raised its opinion of Chevron from ‘performance in line with the sector’ to ‘outperformance’, with a price target raised from 165 to 180 dollars.
Although he indicates that he expects the economic environment to remain volatile, the Canadian broker believes that the solidity of the American oil group’s upstream activities should notably benefit from the OPEC+ price support policy.
The broker also highlights the robustness of its balance sheet, as well as its ‘discipline’ both in terms of organic development and external growth, which in its view give it a status of defensive value in the long term.
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