Benchmark Reaffirms Buy on Chevron (CVX)

Benchmark is out with its report today on Chevron CVX, reaffirming its Buy rating. In a note to clients, Benchmark writes, "We reaffirm our Buy rating on Chevron shares based upon our belief that the 10% normalized earnings multiple valuation discount, currently in place versus the peer group is unwarranted. Based upon the superior quality, diversity and growth potential of Chevron's upstream portfolio, we continue to believe that the shares should command a modest relative valuation premium to the peer group notwithstanding the comparatively lower incremental return of selective projects within the Company's upstream growth portfolio." Benchmark maintains a $94 PT on CVX. Shares of CVX closed Wednesday at $105.48, up 0.24% from Tuesday's close.