Zacks Investment Research upgraded shares of Valero Energy Corporation (VLO) from UNDERPERFORM to NEUTRAL on September 17, 2013, with a target price of $36.00.
We are upgrading our recommendation on the largest North American refiner Valero Energy Corporation to Neutral from Underperform. We remain upbeat on Valero for the remainder of 2013 and foresee attractive opportunities that will position it uniquely among refiners to grow earnings and cash flow per share going forward. Additionally, Valero's string of growth projects and operational improvement will drive free cash flow generation in 2013. However, Valero's second quarter earnings and revenues fell on an annual basis, due mainly to lower refining margins in each of the company's regions and higher refining operating expenses. We remain on the sidelines considering the risks that include natural disasters, unplanned plant disruptions and alterations in environmental regulations.
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