Valero Energy (VLO) PT Lowered to $171 at Mizuho

Mizuho analyst Nitin Kumar lowered the price target on Valero Energy (NYSE: VLO) to $171.00 (from $176.00) while maintaining a Neutral rating.

The analyst commented: "Our price target for VLO is $171 per share, based on our NAV approach that values the company’s future cash flows based on assumptions for the key benchmark crack spreads and a 10% annual discount rate. If US cracks increase by 10%, we could value VLO shares at $209 as an upside case (+22% vs. base case). If cracks decline by 10%, we could value VLO shares at $133 in a downside case (-22% vs. base case)."

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