Chevron (CVX) Stock Pops on Analyst Upgrade

Chevron (NYSE: CVX) stock is getting a nice bump today following an upgrade from Mizuho analyst Nitin Kumar, who bumped the energy company’s stock up to a “buy” rating from a “neutral” rating. To reflect his opinion, Kumar also raised his price target on CVX stock from $205 to $209 each, a potential upside of 31% within the next year. For some further perspective, the consensus price prediction for shares of CVX sits at $190.39.

So, why all the bullish sentiment? As CNBC reported, Kumar noted that CVX stock is arguably undervalued after a market sell-off, with “trading nearly 20% off its 200 day [moving average].” CVX has responded positively to the news, as shares have already seen an increase of 1.3%, trading volume at nearly 809,000 shares.

Additionally, investors ought to pay attention to other interesting stories today, giving the stock market some excitement. Tower Semiconductor’s (NASDAQ: TSEM) stock has experienced some bumps after Intel abandoned a very promising merger deal. AMC Entertainment (NYSE: AMC) now faces another class action lawsuit over an alleged transformation plan. Coinbase’s (NASDAQ: COIN) stock has seen a noticeable jump as securities regulators have green-lighted their crypto-future dealings.

Robert Wilson author
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