Valero price target lowered by $9 at Wells Fargo, here’s why

Wells Fargo lowered the firm’s price target on Valero to $128 from $137 and keeps an Equal Weight rating on the shares. The firm says that there is no doubt the company remains one of the best Independent Refiners, but that appears reflected in its valuation. In Wells’ view, when the market turns bullish refining, Valero is the favored equity and often carries a premium multiple as a result.