Valero price target raised to $174 from $169 at Raymond James

Raymond James analyst Justin Jenkins raised the firm’s price target on Valero to $174 from $169 and keeps a Strong Buy rating on the shares. Valero remains extremely well-positioned to capitalize on the strength of the global refining backdrop as the ripple effects of Europe’s energy crisis add to the advantages of its top-tier portfolio, the analyst tells investors in a research note. Additionally, the firm sees shareholder returns ramping during 2023, positioning Valero to re-rate further.