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BofA Securities analyst Doug Leggate said that the mid-cycle earnings power of the U.S. refining sector had been reset by a combination of capacity offshoring and a sustainable cost advantage of U.S. natural gas versus international peers.
B of A Securities lowered the price target for Valero Energy Corporation (NYSE: BMBL) from $160 to $152. B of A Securities analyst Doug Leggate downgraded the stock from Buy to Neutral. Valero Energy shares fell 3.3% to $132.00 in pre-market trading.