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In a note released early Friday, Credit Suisse analyst David Hartley upgraded shares of CST Brands (NYSE: CST) from Underperform to Neutral and raised the price target from $29 to $35.
Hartley noted that his price target change is based primarily on two factors 1) the value of General Partner/Incentive Distribution Rights, which according to his preliminary estimates is ~$3.70 and 2) a higher retail valuation multiple.
Hartley added, "the GP/IDR ownership provides strong incentive for CST to be an industry consolidator post May 2015."
Looking forward, Hartley said he is waiting for more detailed information that will allow him to refine his valuation.
As a final note, Hartley commented, "Stock is not cheap at current price levels above our target price. We believe the market had already priced in an MLP event."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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