Valero downgraded to Hold on valuation at TD Cowen

TD Cowen downgraded Valero (VLO) to Hold from Buy with a price target of $140, up from $118. The firm cites valuation for the downgrade following the recent rally in the shares. There is potential downside from current levels with bullishness reflected in the stock and the company’s limited underlying earnings growth, the analyst tells investors in a research note.