UPDATE: Deutsche Bank Upgrades Alon USA Energy on Bullish 2014 Outlook
In a report published Monday, Deutsche Bank analyst Paul Sankey upgraded the rating on Alon USA Energy (NYSE: ALJ) from Hold to Buy, and raised the price target from $15.00 to $18.00.
In the report, Deutsche Bank noted, “Since our ‘Diamond Age' (Oct 2010) refining upgrade, & subsequent ‘Future of US Oil' series, broadly speaking our roadmap of market development has been followed, but faster than we anticipated. First phase, the stunning production growth in natural gas and light sweet oil, giving US refiners a huge competitive advantage and oil product export growth. That is a long-term secular bull story. The second, interim phase of infrastructure bottlenecks and de-bottlenecking added super-super normal profit and volatility. We are in the third phase, of outright over-supply of light sweet crude & the limitation of the crude export ban. Target $30/bbl Brent-WTI. Upgrade PSX, VLO, DK, ALJ.”
Alon USA Energy closed on Friday at $13.93.
Latest Ratings for ALJ
|Apr 2015||Credit Suisse||Downgrades||Outperform||Neutral|
|Mar 2015||Tudor Pickering||Upgrades||Sell||Hold|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.