Par Pacific initiated with an Outperform at Mizuho

Mizuho initiated coverage of Par Pacific with an Outperform rating and $33 price target. Par is a small, independent refiner focused on the West Coast and Rockies markets, the analyst tells investors in a research note. The firm says the company’s “key differentiator” is its market diversity and strong logistics/retail assets compared to other small cap refiners. Par’s stable cash flows from these units provide a counterbalance to volatile refining results, and enhance the margins of its refining kits in these logistically-challenged markets, contends Mizuho.