Valero Energy (VLO): Refineries Just Can't Catch A Break

Credit Suisse remains Neutral on Valero Energy (VLO), and is slashing its estimates for the refiner:

We are adjusting [nice euphemism] EPS estimates for VLO to reflect the recent sale of the Krotz Springs refinery, as well as lower expected realised refining margins for the company in the Northeast region in 2Q08.

As a result, 2Q08 EPS goes from $2.05 to $1.83 while FY08 EPS goes from $4.48 to $4.20.

Credit Suisse’s target stays at $45.

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