UPDATE: Bank of America Raises PT on Chevron Corporation Following Analyst Update

In a report published Wednesday, Bank of America analyst Doug Leggate reiterated his Neutral rating on Chevron Corporation

, and raised his price target from $125.00 to $130.00. In the report, Leggate noted, “There are two key takeaways from this years analyst update. CVX has a deep bench of assets. While current developments provide visibility thru 2017, the slate of projects likely to be sanctioned in coming years is growing to the point where the long term production outlook is falling into place. But the message from management is that spending levels will also move higher. While no precise metrics were provided, management confirmed 2014 / 15 spending will be above the ~$37bn planned for 2013. Put simply there is no short term let up in rising capital intensity. In our view this remains an overhang for the investment case.” Chevron Corporation closed on Tuesday at $118.25.