UPDATE: Benchmark Downgrades Valero Energy to Hold

According to Benchmark, Valero Energy (NYSE: VLO) is downgraded to Hold.

Benchmark said that shares are downgraded to HOLD on less favorable mid-cycle earnings assessment which suggests a fair value roughly equal to the current share price. “Downside risk in shares is limited by anticipated 2012 share buybacks and more favorable economics on recently acquired Pembroke and Meraux refineries.”

Valero Energy closed yesterday at $23.02.