Valero price target raised to $220 from $217 at Piper Sandler

Piper Sandler raised the firm’s price target on Valero (VLO) to $220 from $217 and keeps an Overweight rating on the shares. Despite a solid Q4 result, Valero’s share price faded late in the day, lagging peers by about 200-300 bps. While likely some degree of reversion following year-to-date outperformance, the firm suspects some headwinds from a modest reduction in Q1 2026 estimates on throughput/opex guide.