In a report published Tuesday, Bank of America analyst Doug Leggate downgraded Chevron Corporation CVX from Neutral to Underperform, lowering the price target from $135.00 to $133.00.
He cited a more challenging outlook for the company as the major reason behind the downgrade. He also noted that "We acknowledge that our long standing cautious relative view on CVX is counter consensus within the ‘big oils'."
Concurrently, he upgraded ConocoPhillips COP and Total SA (ADR) TOT to Neutral from Underperform.
Shares of both stocks closed lower by less than one percent.
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