Valero price target raised to $172 from $160 at JPMorgan

JPMorgan analyst John Royall raised the firm’s price target on Valero to $172 from $160 and keeps an Overweight rating on the shares. Despite fresh concerns around the demand side given fears of banking sector contagion seeping into the broader economy, refiners have held up relatively well given the circumstances, the analyst tells investors in a research note.