Deutsche Bank upgraded Valero Energy Corporation VLO to a Buy from a Hold, increasing its price target $10 to $70. The refining company, which is 20 percent higher in 2015, will continue to benefit from sector strength, according to the analysts.
The Deutsche Bank analysts said they expect the first half of 2015 to be “much stronger” for the entire refining industry than in its 2015 outlook. Specifically, the analysts pointed to Valero’s Gulf Coast operations as a strong point for the company, based on the widened crude differentials.
Though Deutsche also increased price targets of other refiners, it sees the best performance in Valero and Marathon Petroleum Corp MPC. Valero closed Wednesday at $59.27.
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