Piper Sandler analyst Ryan Todd lowered the firm’s price target on Valero (VLO) to $217 from $223 and keeps an Overweight rating on the shares. The firm says that entering 2026, while the chairs have shuffled around a bit, the song remains similar to twelve months ago – a bearish crude outlook that is likely to make it difficult for the sector to outperform the broader market. On the flip side, Piper sees the refining market as even better than 2025, driven by what it expects to be incrementally tighter S/D and crude differential tailwinds.
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