Citi analyst Vikram Bagri downgraded Valero (VLO) to Neutral from Buy with a price target of $150, up from $134. The firm says that while cracks are likely stable in the near term and Q3 outlooks for the refiners should be positive, there is downside risks to cracks in the medium term. As such, it sees a more balanced risk/reward for Valero shares at current levels heading into the Q2 report.
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Read More on VLO:
- Valero price target raised to $172 from $155 at Raymond James
- Valero downgraded to Peer Perform from Outperform at Wolfe Research
- Valero price target raised to $149 from $136 at Scotiabank
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