Morgan Stanley Sees Good Market Position for Chevron

In a report published Wednesday, Morgan Stanley analyst Evan Calio reiterated an Overweight rating and $135.00 price target on

. In the report, Morgan Stanley noted, “Despite slightly lowering long-term volume guidance, we believe CVX is best positioned to grow production among Super Majors (20% by '17e). While FCF inflection will take longer than we expected (late '15-17), industry leading profitability, attractive valuation and dividend yield keep us OW.” Chevron closed on Tuesday at $114.51.