Fly News Breaks for January 9, 2020
Jan 9, 2020 | 08:31 EDT
Wells Fargo analyst Roger Read raised his price target for Valero to $114 from $108, while keeping an Overweight rating on the shares. Given that planned maintenance was at expected levels and unplanned maintenance was well contained, the analyst increased his throughput assumptions across all four regions. Read also made positive revisions to the Ethanol and Biodiesel segments on improved feedstock costs, product pricing and realized margins which also includes a favorable bump from the resumption of the biodiesel tax credit. He also added the benefit of the BTC to his 2020 and 2021 EPS estimates as the recently passed legislation extends the credit through 2022.
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