UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Valero Energy Corporation

In a report published Wednesday, Bank of America reiterated its Buy rating on Valero Energy Corporation

, and raised its price target from $46.00 to $54.00. Bank of America noted, “Given its size, complexity and management team, Valero is considered the blue chip US refiner. The quality of its asset base and its ability to process heavier/sourer, cheaper crudes, all contribute to lower earnings volatility. With the benefit of a strategically advantaged position on the US Gulf Coast and substantial organic growth that differentiates earnings momentum versus peers, we continue to believe mid cycle earnings estimates are skewed higher. Buy.” Valero Energy Corporation closed on Tuesday at $43.77.