Goldman Sachs analyst Neil Mehta downgraded Par Pacific (PARR) to Neutral from Buy with an unchanged price target of $19. The firm remains constructive on the refining sector but continues to be selective in its stock preferences and screen for attractive valuations. It cites Par Pacific’s relative share outperformance for the downgrade. At current levels, Parr shares now better reflect the improving Hawaii and Washington refining margin environment, the analyst tells investors in a research note. Goldman now sees less relative upside in Par Pacific versus is Buy-rated stocks including Valero (VLO), Marathon Petroleum (MPC) and HF Sinclair (DINO).
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