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:
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