Valero price target raised to $178 from $177 at JPMorgan

JPMorgan analyst John Royall raised the firm’s price target on Valero to $178 from $177 and keeps an Overweight rating on the shares. The analyst updated refiner models by marking to market Q1 cracks and crude differentials and updated Q2 assumptions to reflect the current environment. Improved fundamentals are driven by supply, but are largely priced into the shares, the analyst tells investors in a research note.