Wells Fargo Starts Valero Energy (VLO) at Outperform

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After the clsoe, Wells Fargo initiates coverage on Valero Energy (NYSE: VLO) with a Outperform with a valuation range of $31-33.

The firm comments, "Our rating highlights our confidence that Valero's advantageous locations and highly complex refineries will allow it to leverage its competitive position. Additionally, Valero trades at a discount to its peers on a per-barrel basis of refining capacity, current earnings, and cash flow estimates. We value Valero at 4.6-4.8x our 2013 EBITDA estimate of $5,015 million. This multiple range is consistent with the peer group average."

For an analyst ratings summary and ratings history on Valero Energy click here. For more ratings news on Valero Energy click here.

Shares of Valero Energy closed at $23.64 yesterday, with a 52 week range of $16.40-$28.68.

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