Piper Sandler analyst Ryan Todd raised the firm’s price target on Valero to $177 from $147 and keeps an Overweight rating on the shares. Despite investor concerns of a "one off" uplift to refining margins in 2022, recent earnings results from the independent refiners and "persistent systemic tightness have made it abundantly clear that global tightness in refined product markets is likely to persist for quite some time," Todd tells investors in a research note. The analyst increased his 2023 outlook for refining margins to within 10% of 2022 margins.
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Published first on TheFly
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