VLO: Valero Energy Corp. Message Board

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

VLO 171.60

+1.2%

9:30 AM EST

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From: mopgcw	7/13/2008 5:27:58 PM
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a bit dated now, but, S&P DOWNGRADES SHARES OF VALERO ENERGY TO BUY FROM STRONG BUY, ON VALUATION Recent Price : $45.53 Recommendation: Our commodity price projections now indicate that WTI oil prices will remain above $120 per barrel through Q1 '09. While we expect U.S. industry-wide refining margins to be stronger during Q2 and Q3, we estimate these margins will narrow by about 30% for '08 and remain near these levels in '09.We are cutting our '08 EPS estimate by $2.37 to $3.92, and '09's by $3.08 to $4.30. Blending our DCF and relative valuations, we are reducing our 12-month target price by $22 to $55, an expected enterprise value of 6.6X our '09 EBITDA estimate, a premium to peers. T.Vital 06/09/2008 12:21:16

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