Valero upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Ryan Todd upgraded Valero (VLO) to Overweight from Neutral with a price target of $149, up from $123. The company provides both the “most resilience” to near-term margin weakness and “highest pure-play leverage” to a cyclical recovery of the large-cap refiners, the analyst tells investors in a research note.