Chevron (CVX) shares fell 1.74% to $180.55 as valuation pressures and a Zacks downgrade to Sell offset a recent Melius upgrade to Buy with a $205 price target.
- The decline is attributed to a projected 13.2% year-over-year earnings drop in 2026 and a higher forward earnings multiple relative to peers ExxonMobil and Shell.
- Despite record production, the stock's recent 52-week high of $186.52 suggests limited near-term upside as positive news appears fully priced in.
- Analyst sentiment remains divided, with price targets ranging from $165 to $204 and a median target of $174.