UPDATE: Dahlman Rose Upgrades Chevron to Buy

Dahlman Rose published a research report on Chevron

and upgraded the company from Hold to Buy with a $120 price target. In the report, Dahlman Rose wrote, "After the market close, CVX increased the Gorgon LNG project cost estimate to A$52 Bn (US $54 Bn using current exchange rate). While the cost increase is disappointing, it is in line with our estimate. With the key investment overhang removed, we are upgrading CVX to Buy from Hold." Chevron closed Wednesday at $105.17.