Citigroup reiterated its Buy rating on Chevron (CVX but reduced its price target from $126 to $120.
Citigroup said, "We are decreasing our target price to $120/share from $126 and lowering our forward EPS estimates as a result of Citi's revised oil price assumptions through 2013. Our 2Q'12 EPS estimate is now $3.12 per share. Consensus is $3.20. We maintain our Buy rating."
Chevron closed at $103.68 on Tuesday.
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