In a report released Friday, Credit Suisse analyst Edward Westlake downgraded HollyFrontier HFC from Outperform to Neutral and lowered the price target from $63.30 to $50.00 per share.
Analysts at Credit Suisse view global refiners as over-capacitated and doesn't favor the growing risk premium in oil prices. Credit Suisse predicts the macro economy to negatively affect HollyFrontier's operational recovery.
Westlake fears uncertainty in the Middle East to decrease the price of imports in the second half of 2014. Due to recent crude oil spikes, Credit Suisse is concerned about the company's fourth quarter outcome. Credit Suisse previously decreased its second quarter EPS by 18 percent and its third quarter by 16 percent.
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