It is not uncommon for an analyst on Wall Street to favor one major peer over another. An October 31 call from Goldman Sachs stands out handily from other key analyst calls in the oil and gas sector.
Chevron Corp. (NYSE: CVX) was raised to Buy from Neutral at Goldman Sachs, and the firm added it to the prized Conviction Buy List. Goldman Sachs raised Chevron’s price target to $118 in this call, versus a prior closing price of $103.82. Chevron’s new consensus analyst price target from Thomson Reuters is $113.33.
Goldman Sachs downgraded Exxon Mobil Corp. (NYSE: XOM) to Neutral from Buy, and the oil and gas giant was removed from the Conviction Buy list. Exxon Mobil’s price target was cut to $93 from $98, but investors might want to take note that Exxon Mobil closed out last week at $84.78. Exxon Mobil has a new consensus price target of $89.00.