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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 This material may not be published, broadcast, rewritten or redistributed.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 0 55 20,821
MORTGAGES 0 44 24,405
FORECLOSURE NOTICES 0 23 8,633
BUILDING PERMITS 0 196 42,533
BANKRUPTCIES 0 55 13,957
BUSINESS LICENSES 0 22 6,423
UTILITY CONNECTIONS 0 56 13,567
MARRIAGE LICENSES 0 23 5,092

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