In a note published Monday morning, Morgan Stanley analyst Evan Calio downgraded shares of Chevron 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.
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