Morgan Stanley raised the firm’s price target on Valero (VLO) to $222 from $182 and keeps an Equal Weight rating on the shares. Refiners have given back most of their Middle East gains, but even if the Strait of Hormuz reopens in the near term, refining margins are unlikely to return to pre-conflict levels anytime soon, says the analyst, who updated estimates among the refiner group for latest strip prices through 2027.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VLO:
- Valero price target raised to $226 from $178 at Scotiabank
- Intel upgraded, Reddit initiated: Wall Street’s top analyst calls
- Valero: Priced for Peak Margins and Unsustainable Cash Flows, Warranting a Sell Rating
- Valero downgraded to Underperform from Peer Perform at Wolfe Research
- ‘Micron Is Driving over Half of the S&P 500’s Earnings Revisions,’ Says Goldman Sachs