Valero price target raised to $159 from $150 at Piper Sandler

Piper Sandler analyst Ryan Todd raised the firm’s price target on Valero to $159 from $150 and keeps an Overweight rating on the shares following the Q2 report. While still below Q2 of 2022 peaks, independent refiner margins are increasingly supportive of the thesis that structural tightness in the global products market would prove more durable than the market feared, the analyst tells investors in a research note.