UPDATE: JP Morgan Raises PT to $44 on HollyFrontier; Valuation Full
JP Morgan maintained its rating on HollyFrontier (NYSE: HFC) at Neutral and raised its price target from $40 to $44.
JP Morgan noted, "HFC's 3Q12 results largely reflected the broader theme of a refining system well positioned to benefit from growing inland North American crude supplies, supporting continued strength in refining margins. However, we note that HFC's current share price level broadly reflects our estimates of HFC's intrinsic value, and we see stronger potential upside elsewhere in the group. We raise our 2012 and 2013 EPS estimates following 3Q12 results and other changes to our modeling assumptions, and also boost our YE13 price target by $4 to $44/share, primarily on a higher net debt balance, but we maintain our N rating."
HollyFrontier closed at $41.37 on Tuesday.
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