Jefferies raises its recommendation on Chevron from 'hold' to 'buy' with a price target maintained at $184, deeming it 'well positioned to reverse the performance trend in 2024' after lagging its US peers in 2023.

'With better execution, higher visibility and confidence in the numbers, we see potential for CFPS (cash flow per share) growth to translate into positive revisions and improved valuation', says the broker.

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