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Gold/Mining/Energy : VLO: Valero Energy Corp.
VLO 179.55-0.7%12:57 PM EST
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To: carranza2 who wrote (198)6/27/2007 5:53:21 PM
From: Wyätt Gwyön  Read Replies (1) of 299
 
Prudential Equity Group reiterated an "unfavorable" rating on the refiners sector, citing potential production disruptions in the Caribbean caused by Hurricane Ivan. The firm is maintaining "underweight" ratings on Frontier Oil (nyse: FTO - news - people ), with a target price of $17; Sunoco (nyse: SUN - news - people ), with a target price of $52; and Valero Energy (nyse: VLO - news - people ), with a target price of $55. "Hurricane Ivan has caused two major refineries in the Caribbean to reduce production and could potentially disrupt U.S. Gulf Coast refining production," Prudential said. "We expect underlying refined product demand to be difficult to track over the next several weeks given our expectation of secondary and tertiary inventory stocking due to concerns over potential supply disruptions." Prudential expects the lost production from the two refineries to be limited to a few days, assuming the current hurricane path doesn't change.

price target of 55 for VLO. of course, Prudential wrote that in 2004, and since then VLO has split twice and increased another 50% on top of that. in less than three years, it is almost a 6-bagger since Prudential's almighty downgrade.

bottom line: the analysts have ABSOLUTELY NO CLUE.

here is the post from 2004 where i made fun of the above "analysis" (remember, VLO has split twice since then):
Message 20513930
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