UPDATE: Bank of America Reiterates on Valero Energy on Favorable Position on U.S. Gulf Coast

In a report published Tuesday, Bank of America analyst Doug Leggate reiterated a Buy rating on Valero Energy Corporation VLO, and raised the price target from $45.00 to $59.00. In the report, Bank of America noted, “Valero remains our top overall pick amongst the large cap US refiners. At the core of the investment case is a favorable position on the US Gulf Coast that we believe is poised to benefit from the next phase of the crude dislocation in the US: heavy and medium sour crude.” Valero Energy closed on Monday at $46.83.