VLO: Valero Energy Corp. Message Board

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Gold/Mining/Energy : VLO: Valero Energy Corp.

VLO 179.19

+2.0%

Nov 10 3:59 PM EST

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From: Dennis Roth	11/30/2007 10:55:33 AM
	of 299

BofA upgrades VLO & WNR Valero Energy and Western Refining upgrade details www1.investorvillage.com As mentioned at 6:24 BofA upgraded VLO to Buy from Neutral and raised their tgt to $80 from $68 and upgraded WNR to Buy from Neutral and raised their tgt to $38 from $35. For WNR the firm says following 18 months of volatile trading due to its FTC-challenged merger with Giant and the resulting lack of information, they believe Western is ready to focus on execution and should begin to communicate its new strategy to investors. Firm notes WNR is now the 4th largest US independent, and thus should trade in line with crack expectations, so they are upgrading shares concurrent with their improved outlook for 2008 refining margins. For VLO the firm says with a market cap more than 4x greater than its closest peer, they continue to believe VLO trades as a proxy for refining margin expectations, and thus are upgrading shares concurrent with their improved outlook for 2008 refining margins.

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