Valero price target lowered to $165 from $177 at Piper Sandler

Piper Sandler analyst Ryan Todd lowered the firm’s price target on Valero to $165 from $177 and keeps an Overweight rating on the shares. "Even after two years of outperformance," the analyst remains constructive on the energy complex into 2023. Structurally supply-constrained markets and sustained capital discipline continue to add duration visibility to the ongoing cycle, Todd tells investors in a research note. He sees refining "as likely to lead the charge" in 2023, with sustained tightness in product markets supporting a similar margin environment to 2022.