Valero price target lowered to $152 from $153 at JPMorgan

JPMorgan lowered the firm’s price target on Valero (VLO) to $152 from $153 and keeps an Overweight rating on the shares. The firm updated models going into 2025 for the refining group. The global refining system continues run at high utilizations following the heavy Spring maintenance season, the analyst tells investors in a research note. JPMorgan sees global refinery supply growth looking similar to demand growth in 2025 and therefore does not expect a significant rebound in cracks and share price performance, particularly absent unplanned supply events or incremental voluntary run cuts globally.