There’s a lot to be optimistic about in the Materials sector as 2 analysts just weighed in on Valero Energy Corp (NYSE:VLO) and Targa Resources Corp (NYSE:TRGP) with bullish sentiments.
Valero Energy Corp (VLO)
In a report issued on October 16, Prashant Rao from Citigroup maintained a Buy rating on Valero Energy Corp, with a price target of $132. The company’s shares closed yesterday at $103.74.
According to TipRanks.com, Rao is a 3-star analyst with an average return of 9.1% and a 54.5% success rate. Rao covers the Basic Materials sector, focusing on stocks such as Marathon Petroleum Corporation, CVR Refining, and Phillips 66.
Valero Energy Corp has an analyst consensus of Moderate Buy, with a price target consensus of $127.33, implying a 22.7% upside from current levels. In a report issued on October 12, Morgan Stanley also maintained a Buy rating on the stock with a $145 price target.
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Targa Resources Corp (TRGP)
In a report released yesterday, Darren Horowitz from Raymond James maintained a Buy rating on Targa Resources Corp, with a price target of $64. The company’s shares closed yesterday at $56.57, close to its 52-week high of $59.21.
According to TipRanks.com, Horowitz is a 4-star analyst with an average return of 5.0% and a 60.5% success rate. Horowitz covers the Basic Materials sector, focusing on stocks such as Enterprise Products Partners LP, Antero Midstream Partners, and Valero Energy Partners.
Currently, the analyst consensus on Targa Resources Corp is a Moderate Buy with an average price target of $61.11, implying an 8.0% upside from current levels. In a report issued on October 3, Barclays also upgraded the stock to Buy with a $65 price target.
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