Valvoline price target raised to $45 from $36 at Citi

Citi analyst Steven Zaccone raised the firm’s price target on Valvoline to $45 from $36 and keeps a Neutral rating on the shares after hosting meetings with management. Valvoline is benefitting from resilient preventative maintenance demand despite the “up-and-down” consumer spending environment, the analyst tells investors in a research note. Citi left the meetings with a more positive bias on business fundamentals, but still prefers a Neutral rating given the recent outperformance and Valvoline’s elevated valuation relative to auto retail service peers.