Wells Fargo Starts Chevron (CVX) at Outperform

Wells Fargo initiated coverage on Chevron (NYSE: CVX) with an Outperform rating and a price target of $128-$140. Analyst Roger D. Read said Chevron has robust production growth, attractive shareholder returns, and a strong balance sheet.

"Our rating reflects Chevron's market position, growth prospects, and current valuation. We value Chevron at 10.5-11.5x our 2015 EPS estimate of $12.55. We believe these valuation and target multiple ranges are justified based on the company's peer group and historical valuation metrics," said Read,

For an analyst ratings summary and ratings history on Chevron (NYSE: CVX) click here. For more ratings news on Chevron click here.

Shares of Chevron closed at $120.50 yesterday, with a 52 week range of $98.17-$127.40.

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