As previously reported, Credit Suisse analyst Manoj Gupta upgraded Valero to Outperform from Neutral as he believes the selloff is closer to the end as most of the bad news is already priced in the stocks. His back testing indicates that refiners tend to recover almost all losses in major pullbacks about 3 months after equites bottom. Given the deterioration in refining macro, Valero is widely out of favor, but as cracks stabilize and refining equities reverse course, Gupta thinks it will reverse its underperformance versus diversified peers. The analyst lowered his price target on the shares to $120 from $135.