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VOL. 124 | NO. 27 | Tuesday, February 10, 2009

Valero Shares Rise on Upgrade

AP

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NEW YORK (AP) - Shares of Valero Energy Corp. on Monday lifted after Goldman Sachs raise the refiner's price target and upgraded refineries across the board.

Valero shares rose $1.04, or 4.4 percent, to $24.63, in Monday afternoon trading. Shares have traded between $13.94 and $62.97 over the past 52 weeks.

Goldman Sachs analyst Arjun Murti boosted the company's price target to $25 from $18, and said refineries in 2009 will likely see higher margins as the declining demand for gasoline in the U.S. stabilizes and lower utilization rates have driven a tighter supply and demand balance than previously expected. Still, Murti held Valero and refinery companies at a "Neutral" rating since the stocks have rallied significantly off of December 2008 lows. Murti said Goldman holds a "longer-term bearish refining outlook" for the sector.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 288 2,335
MORTGAGES 85 341 2,894
FORECLOSURE NOTICES 11 68 477
BUILDING PERMITS 167 765 5,003
BANKRUPTCIES 38 258 1,779
BUSINESS LICENSES 22 150 896
UTILITY CONNECTIONS 33 119 1,012
MARRIAGE LICENSES 19 80 343

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