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SMALL BUSINESS
Valero shares rise as analyst upgrades stock
AP
NEW YORK -Shares of Valero Energy Corp. rose on Friday as an analyst upgraded the stock, citing the refiner's cheap stock value and rising oil prices.
Shares of the company climbed 60 cents, or 2.9 percent, to $20.72 in midday trading. In the last month, shares have risen less than 2 percent to close at $20.12 on Thursday.
Barclays Capital analyst Paul Cheng said, compared with its sector peers, Valero's shares are attractive. He rates the refining sector "Negative."
Also, oil prices have more than doubled from January lows, boosting Valero's inventory value. Crude oil prices fell 74 cents to $80.46 per barrel on Friday.
Cheng raised his rating for the company to "Overweight" from "Equal Weight." He also increased his 12-month price target to $24 from $18.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-23 12:28:30
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