Wolfe Research downgraded Valero (VLO) to Underperform from Peer Perform with a $203 price target The company has benefited from expectations of wider crude spreads and margin uplift from the war in the Middle East, the analyst tells investors in a research note. However, Wolfe sees risk that the “elevated” free cash flow expectations implied by Valero’s current valuation cannot be supported. It views the shares as fully valued.
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