Valero price target raised by $5 at Barclays, here’s why

Barclays raised the firm’s price target on Valero to $149 from $144 and keeps an Overweight rating on the shares. As a result of the seasonal headwinds on gasoline margins, the firm expects refiners to remain in max distillate mode. The analyst says colder-than-normal temperatures through the remainder of this winter would pull on diesel supply and tighten global balances further.