Valero price target raised to $182 from $180 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Valero (VLO) to $182 from $180 and keeps an Equal Weight rating on the shares. A Q4 EPS beat was driven by record refining throughput and stronger margins, notes the analyst, who stays Equal Weight due to valuation. However, the firm also notes that Valero is the most levered large-cap refiner to widening crude differentials with its Gulf Coast exposure and heavy crude processing capability.