Deutsche Bank Maintains Hold on Chevron (CVX)

Deutsche Bank is out with its report today on Chevron CVX, maintaining Hold. In a note to clients, Deutsche Bank writes, "Overall, as highlighted we need to see just how sustainable this oil market is. Until there is conviction on sustainability, the major oil equities multiples can expand as fast as EPS estimates rise. We raise our 1Q EPS estimate from $2.69 to $2.98 (vs. consensus of $2.92), FY11 from $12.14 to $12.49 (+4%), maintain a Hold rating and $115/sh price target." At the time of posting, shares of CVX were trading pre-market at $107.30, down 0.45% from Monday's close.