UPDATE: Citigroup Reduces PT to $120 on Chevron

Citigroup reiterated its Buy rating on Chevron (

but reduced its price target from $126 to $120. Citigroup said, "We are decreasing our target price to $120/share from $126 and lowering our forward EPS estimates as a result of Citi's revised oil price assumptions through 2013. Our 2Q'12 EPS estimate is now $3.12 per share. Consensus is $3.20. We maintain our Buy rating." Chevron closed at $103.68 on Tuesday.