Goldman Sachs analyst Neil Mehta upgraded Valero (VLO) to Neutral from Sell with a price target of $127, up from $115. The firm believes consensus revisions are now better reflecting the deceleration in the company’s refining profitability with 2025 earnings estimates having been negatively revised by 50% over the last year. Further, the crude environment is improving where OPEC is starting to add barrels into the market, the analyst tells investors in a research note. Goldman believes the incremental heavy barrels should support more favorable crude differentials and support margins at Valero.
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