HF Sinclair price target lowered to $55 from $65 at Wells Fargo

Wells Fargo analyst Roger Read lowered the firm’s price target on HF Sinclair to $55 from $65 and keeps an Equal Weight rating on the shares. The analyst remains on the sidelines given uncertainty over when the RD operations will become positive contributors to earnings and cash flows, the company’s heavy reliance on gasoline, which appears better supplied than distillates, and what will clearly be a year with above-average planned maintenance. In his experience, an above-average planned maintenance schedule is strongly correlated with lagging share price performance.