Valero price target lowered to $159 from $174 at Mizuho

Mizuho lowered the firm’s price target on Valero to $159 from $174 and keeps a Buy rating on the shares. The analyst updated estimates ahead of Q3 earnings for the U.S. refiners. Overall, the firm sees an increase in earnings quarter-over-quarter, driven primarily by sequentially higher crack spreads and utilization, though partially offset by capture headwinds such as narrower heavy sour crude differentials and pricing lag for secondary products.