Mizuho analyst Nitin Kumar downgraded Delek US to Underperform from Neutral with a price target of $30, up from $25, after assuming coverage of the name. Although there is upside to the the company’s net asset value driven by an "above mid-cycle" refining outlook, the stock is trading at a premium to its refining peers, Kumar tells investors in a research note. The analyst believes there needs to be more clarity on addressing the company’s balance sheet leverage and strategic direction following recent management changes.
Published first on TheFly
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