Valero upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Phillip Jungwirth upgraded Valero to Outperform from Market Perform with a price target of $160, up from $135. He views Valero as "the best in class refiner" and expects strong performance given he sees a favorable macro backdrop for cracks to continue in 2023. He sees major project completions helping to boost free cash flow in 2023 and also views the valuation as attractive with shares trading at a discount to peers and "well below historical levels," Jungwirth tells investors.