Chevron Corp. CVX was upgraded to outperform from sector perform by RBC analysts, who lifted their price target to $180 per share from $165. The oil giant has used its premium multiple to make acquisitions in recent years, such as the recent purchase of PDC Energy PDCE, Biraj Borkhataria, associate director of European research, told clients in a note on Thursday. “Looking forward, we believe the macro environment is likely to remain volatile, however weaker end product demand and OPEC+ managing the oil market leaves CVX’s upstream heavy weighting well-placed. This combined with its fortress balance sheet and commitment…
