Valero price target raised to $161 from $152 at BofA

BofA raised the firm’s price target on Valero to $161 from $152 and keeps a Neutral rating on the shares. U.S. refiners are “poised for another strong quarter” in Q3 and the firm’s marking to market lifts earnings estimates, but “to see material upside from here requires confidence in another upward reset in long-term mid-cycle margins above the current forward curve” and the firm sees “too many transitory issues to justify chasing the broader sector higher,” the analyst tells investors.