Goldman Sachs Has Buy on Western Refining

Goldman Sachs is out with a research report on Western Refining (NYSE: WNR) and it has a Buy rating and a 6 month price target of $19 after it reported earnings.In a note to clients, Goldman Sachs writes, "We remain Buy rated on Western shares, which remain a favorite forexposure to our constructive Mid-Continent refining view along with CVR Energy (CL Buy). Western's largely ex-economy free cash flow generation driven by the ongoing “WTI discount” (and partially locked-in by Western's forward hedging position) remains a key appeal to us. In our view, Western is solidly on track to transform its once highly leveraged balance sheet. In coming quarters, “equity accretive” reductions in netdebt via robust free cash flow, we think, should manifest in a higher share price for Western."Shares of WNR are up 93 cents to $17.18, a gain of 5.72%‎.