Par Pacific price target raised to $47 from $43 at Piper Sandler

Piper Sandler raised the firm’s price target on Par Pacific to $47 from $43 and keeps an Overweight rating on the shares. The analyst believes the independent refiner group is still relatively inexpensive on a longer-term view. The stocks are largely discounting “mid-cycle” EBITDAs in 2025, when adjusted for ongoing share buybacks, the analyst tells investors in a research note. Piper increased targets to reflect higher medium-term earnings power.