UPDATE: Citigroup Initiates Buy, $25 PT on HollyFrontier

Citigroup initiates its coverage on HollyFrontier Corporation

with a Buy rating and a price target of $25 on special dividends and advantaged assets. Citigroup says, "Special dividends of between $2 and $4 per share give us a 12-month total return of ~30%. HFC has assembled one of the most sought after refining fleet in the industry. Its assets are situated in locations in the interior US where petroleum products are in short supply but where feedstocks are in excess supply. The result is a situation where HFC facilities will operate close to peak capacity." HFC closed at $21.93 per share on Thursday.