Valero price target raised to $177 from $170 at Raymond James

Raymond James raised the firm’s price target on Valero (VLO) to $177 from $170 and keeps a Strong Buy rating on the shares. The Q2 earnings season largely surprised to the upside, as refining margin capture was fairly stout, especially relative to expectations, and Q3 is setting up well for the firm’s companies under coverage, the analyst tells investors in a research note. While the seasonal roll in margins is still likely, September has started out strong, showing the strongest margins of the quarter month-to-date, the firm adds.