Why Valero Energy Stock Triumphed Today

Market players energetically bought into Valero Energy (NYSE:VLO) on the second trading day of the week. A key reason for this was a very substantial price target raise on the stock by an analyst at a high-profile American bank. Buoyed by that positive development, Valero's stock closed the day nearly 5% higher.

The prognosticator in question was Citigroup's (NYSE:C)Vikram Bagri, who upped his fair value assessment on Valero to $485 per share -- quite some distance above his previous level of $302. Perhaps somewhat surprisingly, despite the heavy lift, he maintained his neutral recommendation on the mid- and downstream energy stock.

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