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UBS Lowers Price Target for Chevron (CVX)

Posted
11/5/2012 9:01:00 AM
By: Dividend.com
Referenced Stocks:CVX

UBS has lowered its price target for energy company, Chevron Corporation( CVX ) Monday.

The firm has given CVX a rating of "Buy" and has cut their price target to $120. This price target suggests a 9% increase over the stock's current price of $108.37.

The decreased estimate is due to third quarter misses on international R&M and E&P income.

Chevron shares were mostly flat during premarket trading Monday. The stock is up 1.85% YTD.

The Bottom Line
Shares of Chevron ( CVX ) have a 3.32% dividend yield, based on Friday's closing stock price of $108.37. The stock has technical support in the $100-$105 price area. If the shares can firm up, we see overhead resistance around the $115-$118 price levels.

Chevron Corporation( CVX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .