Mizuho Splits Energy and Insurance Coverage Into Winners and Losers

Mizuho issued four separate price-target calls in the same window that reveal a split read on two sectors. On the energy side, the bank raised Shell's target to $103, pointing to its liquefied natural gas (LNG) business and refining outlook, and separately raised Chevron's target citing the company's expansion in Venezuela. Both calls point to supply-side growth catalysts the bank sees as underappreciated. On the other side, Mizuho cut its target on FirstEnergy, an Ohio-based utility, citing regulatory headwinds in its service territories, and lowered its target on Prudential Financial over the impact of a suspension of sales in Japan, a market that has historically been a meaningful contributor to the insurer's international business. The four calls together show Mizuho drawing a line between companies with company-specific growth levers — LNG capacity, new drilling access — and companies facing external constraints from regulators or foreign-market disruptions. None of the four reports disclosed the magnitude of the target changes beyond Shell's new $103 figure, so the size of the swing in Chevron, FirstEnergy, or Prudential's targets isn't yet public.