UPDATE: Goldman Sachs Downgrades CVR Energy on Overvaluation
In a report published Sunday, Goldman Sachs analyst Arjun N. Murti downgraded CVR Energy (NYSE: CVI) from Neutral to Sell and lowered its price target from $60 to $56.
In the report, Goldman Sachs attributed its downgrade of the stock to, “(1) underperformance versus peers based on relative valuation with the refining sector showing on average 31% upside and (2) lack of visible catalysts with chances of future special dividends becoming increasingly uncertain given decreased ownership stakes in CVRR and UAN.”
CVR Energy closed Friday at $59.64.
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