Valero price target raised to $232 from $222 at Morgan Stanley

Morgan Stanley analyst Joe Laetsch raised the firm’s price target on Valero (VLO) to $232 from $222 and keeps an Equal Weight rating on the shares. The company’s Q1 earnings beat estimates, driven by stronger Refining throughput and margins, the analyst tells investors in a research note. The firm added that Renewable Diesel results improved on higher throughput and lower operating expense, while Ethanol benefited from stronger margins and cost control.