UBS Upgrades Valero Energy (VLO) to Buy; Valuation Call

UBS upgraded Valero Energy (NYSE: VLO) from Neutral to Buy. PT unchanged at $26.

Analyst, Craig Weiland, said, "With shares down 13% since mid-February—having underperformed peers by 10%--we view VLO’s current share price level as an attractive entry point. We’re upgrading our rating to reflect our view that shares offer a more attractive risk/reward profile."

Weiland also noted two near-term catalysts including: 1) recurring dividend increase; and 2) 2nd or 3rd quarter may reflect some earnings benefits (vs. charges) from recent acquisitions of Pembroke and Meraux.

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 $21.79 yesterday.

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