UPDATE: Morgan Stanley Downgrades Chevron Amid Balanced Risk/Reward
In a note published Monday morning, Morgan Stanley analyst Evan Calio downgraded shares of Chevron (NYSE: CVX) from Overweight to Equal-weight, but raised the price target from $135 to $140.
Calio's downgrade comes amid beliefs that the risk vs. reward of Chevron has become more balanced in the near-term (2015) due to relatively flat production. However, looking ahead, Calio sees "relative outperformance" for the company over the next three years.
Latest Ratings for CVX
|Dec 2016||Independent Research||Upgrades||Hold||Buy|
|Nov 2016||Morgan Stanley||Upgrades||Equal-Weight||Overweight|
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