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Gold/Mining/Energy : Valero Energy

VLO 164.01

-0.3%

Dec 26 9:30 AM EST

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To: Ram Seetharaman who wrote (1)	9/19/2000 2:17:38 PM
From: Ram Seetharaman	Read Replies (1) of 7

Tuesday September 19, 12:20 pm Eastern Time RESEARCH ALERT-Bear Stearns raises Valero target NEW YORK, Sept 19 (Reuters) - Bear Stearns said on Tuesday raised its earnings estimates for oil refiner Valero Energy Corp. (NYSE:VLO - news) and price target to $39, citing strong West Coast margins. -- Valero Energy shares rose 1/8 to $33-3/16. The stock's 52-week high is $33-1/2, while the low during that span is $17-1/4. -- Analyst Fred Leuffer said in a research note that he raised 2000 estimates to $4.10 a share from $3.60 and 2001 estimates to $3.70. Bear Stearns previously had a $35 price target. -- Leuffer's research note said average refining margins on the West Coast for the quarter to date is over $16.00 per barrel, or almost twice the third quarter average for the past five years.

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