UPDATE: Morgan Keegan Lowers Target to $20 on Delek

Morgan Keegan maintains its Outperform rating on Delek (NYSE: DK) and lowers its price target by $5 to $20 a share on preliminary loss posted by the company. Shares are still viewed as an opportunity for value investors. Morgan Keegan says, " DK released preliminary Q4 EPS results ranging from ($0.10)-($0.20). Crude pricing based on WTI-LLS differentials and locked in the month prior to being processed were cited asreasons for lower margins than spot pricing implied. ... We don't expect Q1 cost issues given current WTI-LLS spreads, though we sense shares will struggle until additional segment operating metrics and FY12 outlook is given on the Q4 call March 8th. That said, after the lower opening, we think shares represent an attractive opportunity for value investors."DK closed at $12.77 a share on Thursday.