UBS analyst Manav Gupta upgraded Calumet (CLMT) to Neutral from Sell with a price target of $12, down from $15. The firm believes the current stock price better reflects the company’s downside earnings risk as well as its weaker organic free cash flow generation ability. The stock is down 45% year-to-date, as the market now better understands the risk associated with the policy going from Blender’s tax credit to production tax credit, the analyst tells investors in a research note.
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