RBC Capital lowered the firm’s price target on Valero to $151 from $159 and keeps an Outperform rating on the shares. The company saw a "strong" Q1 earnings print, but the negative stock reaction reflects investor focus on weakening refining margins, the analyst tells investors in a research note. RBC maintains however that Valero is delivering impressive capture rates, expecting strong throughput to continue into Q2.
Published first on TheFly
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