Valero price target raised to $160 from $157 at BofA

BofA analyst Doug Leggate raised the firm’s price target on Valero to $160 from $157 and keeps a Buy rating on the shares after having attended a “handover” meeting as CEO Joe Gorder passes leadership to President Lane Riggs. The current refining backdrop has “multiple issues,” but Valero’s mid-cycle earnings capacity is being reset higher by organic growth against the backdrop of what the firm believes is a higher mid-cycle margin outlook given “the unique advantage” of the U.S. versus international peers, the analyst tells investors following the management meeting.