CVR Energy initiated with a Neutral at Mizuho

Mizuho analyst Nitin Kumar initiated coverage of CVR Energy with a Neutral rating and $27 price target. CVR is a niche refiner in Mid-Continent, operating in the undersupplied Group 3 market, the analyst tells investors in a research note. The firm says that although the company has the ability to source and use multiple crude grades given its geographic location, infrastructure ownership and refining kit complexity, it is also competing with complex PADD 3 refiners with more scale and market access. It says the stock offers lower upside to net asset value despite trading near the 52-week lows.