Valero price target raised to $191 from $184 at Jefferies

Jefferies raised the firm’s price target on Valero to $191 from $184 and keeps a Buy rating on the shares ahead of the Q2 report. Given Valero’s position as a pure-play refiner, investors want to know if shareholder returns can be sustained during periods of trough crack spreads and when to expect cracks to rebound into a new midcycle, the analyst tells investors in a research note. The firm increased its buyback assumption from 2024 to $3.5B from $3.3B.