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UPDATE: Dahlman Rose Reiterates Buy Rating, Raises PT on Western Refining on Robust Balance Sheet

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Northern Tier and Western Refining Announce Definitive Merger Agreement

In a report published Friday, Dahlman Rose reiterated its Buy rating on Western Refining (NYSE: WNR), and raised its price target from $32.00 to $42.00.

Dahlman Rose noted, “WNR reported adjusted EBITDA of $298MM, ahead of our $278MM estimate. During the quarter, Midland crude differentials expanded to a peak of over $14/bbl below WTI, which itself saw discounts of over $20/bbl against Brent. With the completion of the Longhorn reversal and Sunoco's West Texas Gulf lines, we do not consider it likely this crude environment can be repeated within the intermediate term.”

Western Refining closed on Thursday at $35.89.

Latest Ratings for WNR

DateFirmActionFromTo
Oct 2015CitigroupDowngradesBuyNeutral
Oct 2015BarclaysMaintainsOverweight
Sep 2015JP MorganInitiates Coverage onNeutral

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Posted-In: Dahlman RoseAnalyst Color Price Target Analyst Ratings

 

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