Chevron Stock Breakout: UBS Raises Target to $197 After Iraq Deal

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2025-08-29 05:51:02

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Chevron's strategic return to Iraq's oil fields has sparked a bullish reassessment from UBS, with analysts lifting their price target to $197. The energy giant's agreement to develop the Nasiriyah field marks a significant pivot—Western firms had largely abandoned the region amid corruption concerns until TotalEnergies and BP secured multibillion-dollar deals earlier this year.

UBS maintains an Overweight rating, citing 20% upside potential. The MOVE reflects broader momentum in energy sector re-engagement, with Chevron implementing enhanced transparency measures absent during ExxonMobil's prior negotiations in the region.

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