Market Overview

UPDATE: Credit Suisse Reiterates On Western Refining As 2Q Earnings Risks Are Receding

Share:
Related WNR
Benzinga's Top Initiations
Goldman Sachs Initiates Western Refining At Neutral

In a report published Friday, Credit Suisse analyst Edward Westlake reiterated a Neutral rating on Western Refining (NYSE: WNR), and raised the price target from $48.00 to $51.00.

In the report, Credit Suisse noted, “Back in January, we downgraded 3 refiner stocks to signal that investors were too pessimistic on US crude prices and it was time to buy E&P/OFS. Last Friday, in our PM snapshot, we argued that the producer rally may be running into some resistance and that there could be some rotation into refining. Today, we are adding back 2 of the names we downgraded, DK, WNR, to add to ALJ and ALDW in the Permian basket.

"We like these names for their Midland exposure (the Permian Party). However, this is also a signal that a) risks to 2Q refiner earnings are receding in general, b) there is some relative value in refining vs Energy and c) risks on the US crude market increase as we move through the year (seasonality).”

Western Refining closed on Thursday at $43.44.

Latest Ratings for WNR

DateFirmActionFromTo
Jan 2015BarclaysMaintainsOverweight
Jan 2015Goldman SachsDowngradesNeutralSell
Jan 2015Goldman SachsDowngradesNeutralSell

View More Analyst Ratings for WNR
View the Latest Analyst Ratings

Posted-In: Credit Suisse Edward WestlakeAnalyst Color Price Target Analyst Ratings

 

Related Articles (WNR)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga Professional