📌 BofA Lifts Chevron Target to $185, Highlights FCF Growth 💵

[madmax]

Bank of America boosted its target on Chevron (CVX) to $185 from $180, reaffirming a Buy. Analysts say the Hess acquisition tilts Chevron even more toward upstream, pushing its 2026 upstream earnings share to 86% vs Exxon’s 67%.

While Chevron trades at a discount, BofA sees a huge upside: free cash flow per share could more than double from $7.6 in 2024 to $17.4 by 2027 as big projects start producing and capex declines.

For investors, this makes Chevron one of the clearest FCF growth plays in energy over the next three years.