Wells Fargo Lifts Valero Energy Target to $485, Keeps Overweight Rating

Wells Fargo raised its price target on Valero Energy to $485 from $389 and reiterated an overweight rating. The target suggested roughly 6.7% upside from the current share price. Valero recently reported quarterly EPS of $12.54, beating the $10.11 consensus, while revenue increased 48.8% year over year to $44.48 billion.
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Wells Fargo’s new $485 target sits above Valero’s recent $454.47 share price, implying about 6.72% further upside. The stock has ranged from $155.29 to $461.52 over 52 weeks and recently traded below its average volume.
Valero’s latest quarter showed $12.54 EPS versus $10.11 expected, with revenue of $44.
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