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Fly News Breaks for May 14, 2019
May 14, 2019 | 06:35 EDT
JPMorgan analyst Phil Gresh upgraded Valero Energy to Overweight from Neutral and raised his price target for the shares to $105 from $102. Valero's corporate structure simplicity and "compelling combination" of solid free cash flow generation, strong balance sheet and disciplined capital allocation make it "uniquely positioned" to outperform the refining sector, Gresh tells investors in a research note. Further, the analyst believes Valero's position in Corpus Christi, Texas, where several new crude pipelines could direct up to 2mmbpd of light sweet crude in the second half of 2019 and 2020, is underappreciated by the market.
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