Valero price target raised to $138 from $128 at Wells Fargo

Wells Fargo analyst Roger Read raised the firm’s price target on Valero to $138 from $128 and keeps an Equal Weight rating on the shares. The price target increase is based on an increased refining multiple reflecting the higher cash payout to shareholders, and the outlook for 2024 capture and cash generation is relatively unchanged with cash returns higher, the analyst says.