Valero Energy: Valuation Reflects Improved Macro (Rating Downgrade)

Core Insights - Valero Energy (VLO) shares have increased nearly 30% over the past year, indicating strong performance in the market [1] - The company has experienced a significant recovery in the refining macro environment following a challenging summer [1] Company Performance - Valero Energy's stock performance reflects a material recovery in the refining sector, which has positively impacted its financial standing [1] Market Environment - The refining macro environment has shown signs of recovery, contributing to Valero's stock gains and overall market performance [1]