Valero price target raised to $190 from $175 at TD Cowen

TD Cowen analyst Jason Gabelman raised the firm’s price target on Valero to $190 from $175 and keeps a Buy rating on the shares. The firm met with management who noted Russian refinery capacity could be down longer than industry expects while China is unlikely to raise exports. They believe the EU will have an active April maintenance season while the US will have another one this Fall.