UPDATE: Societe Generale Upgrades Chevron to Buy

Societe Generale has published a research report on Chevron

and has upgraded the company from Hold to Buy, and added the stock to its Americas IOC Buy List. In the report, Societe Generale writes, "Valuation (CVX trades at a 5.0x P/E multiple discount vs. the S&P 500 of 12.6%) and common stock dividend yield (3.3% for CVX). CVX also offers intermediate term (in 2 years) production volume growth as large projects come online. With WTI prices dropping c.22% and Brent c.20% from recent highs, our call is not without risk, but CVX has more Asian oriented upstream project volume growth (Asian LNG), DeepH2O oil and other projects over the intermediate term that should prove differential. YTD, CVX's stock has fallen nearly 7%, and from their 3/13/12 peek over 9%." Societe Generale maintains its $120 price target on Chevron, which closed today at $100.39, up $0.59.