Valero price target raised to $144 from $135 at Wells Fargo

Wells Fargo analyst Roger Read raised the firm’s price target on Valero Energy to $144 from $135 and keeps an Equal Weight rating on the shares. The analyst increased earnings estimates across the refining sector. The firm’s “significant” upward revisions to Q3 earnings estimates reflect much stronger refining margins than previously expected, the analyst tells investors in a research note. Wells says the continued strength in refining margins reflects solid demand and relatively low product inventories.