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Fly News Breaks for December 9, 2019
CVX
Dec 9, 2019 | 06:28 EDT
Citi analyst Alastair Syme downgraded Chevron to Neutral from Buy with a price target of $120, down from $135. Chevron has emerged as a "relative safe haven" for energy investors given its balance sheet strength and clear capital allocation, Syme tells investors in a research note. However, the "safe-haven status might now be overplayed," contends the analyst. He notes that 2019 has seen Chevron's returns have fallen as much as most of its Integrated Oils peers.
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