UPDATE: Cowen Securities Downgrades Northern Tier Energy LP on Limited Upside

Cowen Securities downgraded Northern Tier Energy LP

from Buy to Hold. Cowen Securities analyst Sam Margolin noted, "We do not see significant near-term risk to our average 2013/14 distributable CF estimate of $4.48, and our rating change is not a referendum on the company's financial or operating position. Rather, it has become apparent that a 15% peak cycle yield represents fair value for NTI units, given the sensitivities to both relevant differentials and the underlying refining cycle. We downgrade to Hold, but expect investors to enjoy solid cash returns into the intermediate term." Northern Tier Energy LP closed at $29.03 on Thursday.