Valero price target lowered to $140 from $144 at Wells Fargo

Wells Fargo analyst Roger Read lowered the firm’s price target on Valero Energy to $140 from $144 and keeps an Equal Weight rating on the shares. The firm’s downward revisions to Q3 refining margins and non-refining operations drove downward earnings revisions. Forward cracks imply Q4 refining margins well below the adjusted Q3 expectations, but inventories remain below normal, the analyst tells investors in a research note.