UPDATE: Deutsche Bank Upgrades Chevron Oil to Buy

Deutsche Bank raises its rating on Chevron

to Buy from Hold, with an increased price target of $130 (previously $115), as it adopts a defensive approach towards oil demand destruction. Deutsche Bank notes, "Going defensive on oil demand destruction and better US supply. We are rotating our recommendation deck away from offense, with oil-levered stocks into large cap defense. ...In refining we see evidence of both demand destruction and excess product supply especially around Chicago but the overall picture is positive. ...We are more cautious on levered refiners at this time." CVX closed at $109.61 on Tuesday.