Refiners Rise as GM Faces Cuts

Analyst target prices are moving sharply across energy and autos today, with refiners winning upgrades while General Motors takes a trim.

Valero Energy saw its consensus target price lifted to $419.42, up from $412.21. Marathon Petroleum followed the same path, with the average target rising to $457.17 from $446.78. Both moves point to renewed optimism on refining margins. European new passenger-car registrations hit 233,617 in September, the largest September total in five years. That 13% year-on-year rise in demand could support refined product consumption into year-end.

General Motors moved in the opposite direction. The consensus target slipped to $103.30 from $104.17. ORTEX data shows short interest at just 2.3% of free float, so bears are not pressing the stock hard despite the cut.

In financial services, Regions Financial and Truist Financial both had targets trimmed. M&T Bank bucked the trend, with its average target edging up to $248.33.

MSCI Inc. saw the largest absolute target rise in the session, climbing to $672.94 from $671.76. Coverage remains strongly bullish, with 15 buys and just one hold.

Lumentum Holdings had a recommendation removed from the consensus panel. The optical components maker now sits on 21 buys against zero sells.