BofA reinstated coverage of Valero with a Neutral rating and $150 price target Valero is one of the purest play refiners under coverage, which comprises roughly 90% of EBITDA, with renewables making up the rest, the analyst tells investors in a research note. While Valero has the most defensive refining operations vs. peers, the lack of diversification, and expected crack spread declines next year warrants a Neutral rating, BofA says.
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