Raymond James raises Valero Energy price target to $290, citing strong refining margins and operational efficiency.

Raymond James has increased its price target for Valero Energy from $215 to $290, maintaining a Strong Buy rating. The firm highlights Valero's structural advantages in processing heavy crude, record operational efficiency, and consistent dividend growth as key drivers. The target assumes sustained elevated refining margins and successful project execution through 2026, implying about 20% upside from current prices. Risks include potential margin normalization if geopolitical tensions ease rapidly.