UPDATE: Benchmark Lowers PT on Valero Energy Corporation from $31 to $30

Benchmark has published a research report on Valero Energy Corporation (NYSE: VLO) lowering the price target.

In the report, Benchmark wrote, "In the context of our unchanged expectation of declines from currently elevated levels in industry-wide refining margins, we are reducing our full year 2011 and 2012 EPS estimates for Valero. Our revised estimates, in addition, reflect the adverse implications of the anticipated narrowing, on an industry-wide basis, over the forecast period of the currently sizeable, heavy sour crude oil price discounts attributable to projected increases in global conversion (coking, hydrocracking) capacity."

Benchmark rated Valero Energy a Buy with a price target lowered from $31.00 to $30.00. Valero Energy closed Wednesday at $20.95.