Wells Fargo upgraded Valero to Overweight from Equal Weight with a price target of $165, down from $172. The analyst believes cracks have bottomed, diesel demand is improving, lower prices and payrolls support gasoline demand and refined product inventories are below normal. Rising OPEC+ production in 2025 should widen crude diffs favoring coastal refiners, the analyst tells investors in a research note. Wells thinks Western Hemisphere refining capacity expansions are limited as planned closures in 2025 offset gains from recent startups and biofuel expansions. The upgrade of Valero reflects this fundamental view.
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