Mizuho analyst Nitin Kumar downgraded Valero (VLO) to Neutral from Outperform with a price target of $192, up from $190. The firm cites the stock’s “above peer valuation” and the potential for weaker refining cracks for the downgrade. Mizuho sees a “more muted” refining outlook in 2026, saying many global refining projects that were supposed to be completed by 2025 were pushed back to the first half of 2026, which will loosen balances and potentially weaken margins.
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