Valero Energy (VLO) PT Raised to $93 at Argus

Argus analyst Bill Selesky raised the price target on Valero Energy (NYSE: VLO) to $93.00 (from $83.00) while maintaining a Buy rating.

The analyst commented, "We are reiterating our BUY rating on Valero Energy Corp. (NYSE: VLO) and raising our price target to $93 from $83 amid strengthening refining industry fundamentals, including gasoline crack spreads that have risen substantially over the last month. We expect Valero to see higher demand for gasoline over the remainder of the year and into 2022, as well as increased demand for diesel and jet fuel. We also look for improved refining margins. As such, we expect sales and earnings to rise in the coming quarters. Over the long term, we expect Valero to benefit from its size, scale, and diversified business portfolio, which includes refining, midstream, chemicals, and marketing and specialty operations."

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