UPDATE: Citigroup Downgrades Valero Energy Corporation to Neutral, Raises PT - Valero Energy (NYSE:VLO)

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In a report published Monday, Citigroup downgraded its rating on Valero Energy Corporation (NYSE: VLO) from Buy to Neutral, but raised its price target from $31.00 to $35.00.Citigroup noted, “We are downgrading VLO stock to Neutral and removing the stock from Top Picks Live (TPL). We maintain that VLO will benefit from US product exports, low natural gas prices, its hydrocracker projects and increasing availability of light sweet crude making its way to the US Gulf Coast through rising crude production and the construction of new pipeline and rail infrastructure. However, at current levels we are taking a pause and believe that many of these advantages are priced into the stock. We are raising our target price to $35 per share giving us modest upside in the stock.”Valero Energy Corporation closed on Friday at $33.75.

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