Wall Street is turning more bullish on Chevron. Bank of America raised its price target on the energy giant to $206 from $188 on Monday, keeping a Buy rating in place as tensions in the Middle East show little sign of cooling.

Shares responded fast. Chevron hit a fresh one-year high of $191.44 on March 2, climbing more than three percent intraday on the news. The stock last traded at $189.74 on volume of over 4.5 million shares.

It is the kind of move that tends to get attention beyond just energy desks. When one of Wall Street’s biggest banks raises a price target by nearly $20 and flags that the rest of the Street is still underestimating a stock, institutional investors take notice.

The call is not just about oil prices….