Chevron receives downgrade at JPMorgan
The S&P 500 is up 0.2% in a lackluster session favoring the value stocks. Highlighting one of today's notable analyst calls, JPMorgan downgraded Chevron (CVX 97.70, +1.49, +1.6%) to Neutral from Overweight with a price target of $111. That represents a 13.6% upside from here. The firm cited valuation and the company's higher guided energy transition spending for the downgrade.Overseas, the major European indices closed on a lower note. Germany's DAX lost 0.7%, UK's FTSE lost 0.2%, and France's CAC lost 1.0%. The Europe Stoxx 600 decreased 0.7%.