Delek US downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Ryan Todd downgraded Delek US to Neutral from Overweight with a price target of $32, down from $49. Heavy maintenance in the first half of this year will materially impact the 2023 outlook, said Todd, who views sum-of-the-parts initiatives as positive at the margin, but does not expect a significant enough value unlock to offset other headwinds. He sees more upside elsewhere among small-to-mid cap names in his integrated oils coverage, Todd added.