Deutsche Bank Maintains Hold Rating On CVX

Deutsche Bank is maintaining its Hold rating on Chevron Corp. CVX.

“It did not take Nostradamus to predict that there would be few surprises at the CVX 2011 analyst meeting, and so it came to pass,” Deutsche Bank writes.

“Equally, we predicted that a solid reminder of the long term value here would not be enough to catalyse a rerating of this under-valued stock, given the level of capex over the coming five years and relatively little growth at $100/bbl oil. Again, that theme was confirmed, with vague capex guidance and no increase in volume targets.”

Chevron closed Monday at $100.80.