Piper Sandler raises Chevron PT

Brokerage Piper Sandler raises PT on U.S. energy major Chevron CVX.N to $178 from $168, a 17.4% upside to the stock's last close

CVX expects 2026 capex at $18 bln to $19 bln, versus earlier forecast of $18 bln to $21 bln

Brokerage cuts co's 2026 capex estimate to $18.5 bln from $19 bln; raises free cash flow estimate to $22.7 bln from $22.2 billion

"We view the guide as modestly additive to what was already one of the strongest near-term FCF profiles amongst peers, with advantaged capital efficiency that positions the company well" - brokerage

As of last close, shares up 4.6% YTD