HF Sinclair upgraded to Buy from Neutral at UBS

UBS analyst Manav Gupta upgraded HF Sinclair to Buy from Neutral with a price target of $73, up from $64. The firm expects the stock to rerate higher as investors begin to appreciate the closed HEP transaction and Mid-Con cracks that are showing recovery from seasonal lows, the analyst tells investors in a research note. If refining margins remain above mid-cycle, HF Sinclair will continue to return cash to shareholders above its target payout ratio of 50%, the firm says.