BofA downgraded Valero (VLO) to Neutral from Buy with a price target of $195, down from $198. The valuations of the refiners “have surprised us this year” as it felt like “a perfect storm of likely temporary drivers,” including Ukraine-Russia drone strikes, more Russia sanctions, high European gas prices, and slower than expected ramp of new refineries, the analyst tells investors. It seems that some resolution is getting more likely in 2026 and he potential end of the conflict would also have the effect of sending more Russian pipeline gas to Europe, the analyst added.
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