BMO raises Valero PT, citing low-cost advantage, strong Gulf Coast position

BMO Capital Markets raises price target of refiner Valero Energy VLO.N to $270 from $230

The new PT represents an upside of 10.6% to the stock's last close

BMO says VLO is at the lower end of the global cost curve

"Valero's U.S. Gulf Coast footprint positions it to access product export markets and source
the lowest cost crude in the world," BMO says

Adds that VLO won't expect meaningful gasoline weakness until prices reach about $5 per gallon, compared to $4/gallon currently

12 out of 21 brokerages rate the stock "buy" or higher and 9 "hold"; their median PT is $236 according to data compiled by LSEG

As of last close, stock up ~50% YTD