UPDATE: Dahlman Rose Raises PT to $55 on Valero Energy Corporation Following Q4 Beat
Dahlman Rose maintained Valero Energy Corporation (NYSE: VLO) with a Buy and raised the price target from $42.00 to $55.00.
Dahlman Rose commented, "Yesterday's nearly 13% gain in VLO shares is driven by sustainability in the themes that drove the 4Q beat, as opposed to merely the beat itself. Despite continued softness in domestic demand, crude availability in all of VLO's regions of operation continues to drive margin strength, expanded by the company's ability to source the most advantaged crudes. We maintain our Buy rating and raise our price target to $55, targeting 5x 2013E EV/EBITDA."
Valero Energy Corporation closed at $43.77 on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.