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UPDATE: Credit Suisse Reinstates Valero Energy with Neutral on Important Year, Less Upside

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In a report published Friday, Credit Suisse analyst Edward Westlake reinstated coverage on Valero Energy Corporation (NYSE: VLO), downgrading the rating from Outperform to Neutral, and a $45.00 price target.

In the report, Westlake noted, “We believe that 2013 will be important for VLO owing to a surge in crude moving down to the Gulf and to the contribution of VLO's hydrocrackers (around $1bn-plus of EBITDA). Widening Gulf crude discounts and hydrocracker EBITDA in 2H13 provide offsets to the headwinds of narrower WTI-Brent spreads, lower expected international margins, the dreaded RINs and somewhat narrower near-term heavy crude differentials. VLO has decent upside at current levels, but less than our preferred picks.”

Valero Energy Corporation closed on Thursday at $36.98.

Latest Ratings for VLO

DateFirmActionFromTo
Apr 2015Deutsche BankMaintainsBuy
Apr 2015BarclaysMaintainsBuy
Mar 2015Edward JonesDowngradesHoldSell

View More Analyst Ratings for VLO
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Initiation Analyst Ratings

 

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