Valero price target raised to $198 from $161 at Piper Sandler

Piper Sandler analyst Ryan Todd raised the firm’s price target on Valero to $198 from $161 and keeps an Overweight rating on the shares. The firm is updating estimates for Valero based on a combination of mark to market on Q1 commodity pricing, as well as adjustments to operating assumptions. An increase in refining throughput estimates combined with mixed adjustments to capture and lower ethanol and RD earnings are driving a slight increase vs Piper’s prior estimate.