UPDATE: J.P. Morgan Upgrades Chevron

According to a research report published Thursday, J.P. Morgan has upgraded Chevron CVX from Underweight to Neutral. In the report, J.P. Morgan said, "We are upgrading shares of CVX from Underweight to Neutral, seeing a more balanced risk-reward outlook as CVX's project queue delivers substantial growth in long-lived production. We expect this shift will mitigate capital intensity and lead to lower base decline and greater free cash flow generation in the long term. Additionally, CVX's large-scale LNG projects drive volume growth while maintaining high exposure to oil-linked pricing." J.P. Morgan maintained its $120 PT on Chevron, which closed Wednesday at $104.85.