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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 This material may not be published, broadcast, rewritten or redistributed.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 119 482 10,051
MORTGAGES 119 497 11,811
FORECLOSURE NOTICES 29 82 1,716
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700
BUSINESS LICENSES 28 151 3,584
UTILITY CONNECTIONS 33 172 4,155
MARRIAGE LICENSES 20 111 2,290

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