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In a report published Thursday, Bank of America analyst Jason Smith reiterated an Underperform rating on Calumet Specialty Products (NASDAQ: CLMT), but lowered the price target from $38.00 to $34.00.
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In the report, Bank of America noted, “While less volatile than its C-Corp refining peers, CLMT has done a remarkable job of using its multiple to grow its fuels levered exposure. But in our view, the recent narrowing of spreads could provide a significant headwind to a company that has rapidly expanded fuels exposure over the past few years. We see the current distribution as sustainable but believe further increases typically required of MLPs could grow more challenging, at least until organic growth projects kick in in late 2014.”
Calumet Specialty Products closed on Wednesday at $31.50.