UPDATE: Jefferies Maintains Hold, Raises PT to $125 on Chevron

Jefferies maintains its Hold rating on Chevron (NYSE: CVX) and raises its price target to $125 from $120 on outlook for 2012 and preview of 4Q11 earnings.

Jefferies notes, "After a good 2011 we believe the global majors should again perform well in 2012, given our expectation of strong oil prices. Global gas is mixed, starting the year with poor demand and oversupply in the OECD, although Asian demand and pricing should remain strong. Capex is rising as further projects are approved, but we believe the sector companies should remain a good source of cash, with strong dividend yields and share buybacks."

CVX closed at $107.77 per share on Wednesday.