Oppenheimer lifts its price target on Valero Energy (VLO +0.2%) to $40 from $35 to reflect...


Oppenheimer lifts its price target on Valero Energy (VLO +0.2%) to $40 from $35 to reflect strong industry fundamentals, benefits from new projects, and the impact of lower capital expenses on earnings, cash flow and valuation. The re-start of one of two new hydrocrackers plus the second expected to start up in Q2 would reduce future capex by $1B from 2012's $3.5B.

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