Wall Street Analysts See Upside Potential for 5 Stocks with Rising Price Targets

04. Chevron Corporation (NYSE:CVX)

Upside Potential: 29%

On October 4, UBS Group raised its target price for Chevron Corporation (NYSE:CVX) from $209.00 to $210.00 while maintaining a “Buy” rating. This adjustment in the target reflects UBS Group’s positive outlook on the future prospects of Chevron Corporation (NYSE:CVX) within the energy industry. Despite this upward revision, the current stock price for Chevron Corporation (NYSE:CVX) stands at $163.03, indicating a modest 2.3% decline following the target adjustment. UBS Group’s increased target suggests a favorable sentiment regarding the growth potential of Chevron Corporation (NYSE:CVX), and the “Buy” recommendation serves as a strong endorsement of it as an attractive investment opportunity. As investors strategize, the combination of the immediate 2.3% price decrease and the potential 28.8% upside from the current price to the new target of $210.00 provides a comprehensive perspective. This dual consideration encourages investors to navigate both the nuances of short-term market movements and the broader growth narrative for Chevron.

Carillon Eagle Growth & Income Fund made the following comment about Chevron Corporation (NYSE:CVX) in its Q2 2023 investor letter:

“Chevron Corporation (NYSE:CVX) stock also traded lower as global oil prices declined in response to fears of an economic slowdown. Energy stocks were the second-worst-performing sector in the quarter.”