Refiners and Gas Stocks Draw Fresh Upgrades

Analysts are lifting targets across the energy sector. Two refining giants drew the most attention Wednesday.

Valero Energy saw its consensus target price rise to $419.42, up from $412.21. That is a $7 jump in a single session. Marathon Petroleum followed with its average target climbing to $457.17 from $446.78. Both stocks carry thin short interest below 3% of free float, suggesting bears are not fighting the bullish call.

Natural gas producer EQT Corporation also attracted a target upgrade, with the consensus rising to $66.44. Taiwan export orders surged 69% year-on-year in September, a broad signal of strengthening industrial demand that supports energy consumption trends globally.

Among banks, the picture was mixed. M&T Bank picked up a modest target increase to $248.33. Regions Financial and Truist Financial both saw targets trimmed slightly, reflecting cautious views on regional lenders heading into Q3 results season.

General Motors saw its consensus target dip to $103.30 from $104.17. That drop comes as European car registration data continues to show weakness. German car registrations are running 269% above year-ago levels, a dataset measured to lead Tesla revenue by 43 days, with Tesla reporting results today.

RTX Corporation and Synchrony Financial also saw minor target cuts. At Lumentum, one analyst removed their recommendation entirely.