JPMorgan upgraded Par Pacific to Overweight from Neutral with a price target of $30, down from $36. The shares have “over-corrected,” declining obvert 50% year-to-date, which is reflective of the company’s exposure to Asia cracks and to distillates, the analyst tells investors in a research note. The firm says Par Pacific’s valuation is now “highly attractive” at these levels, while Hawaii capture rates should continue to be strong.
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Read More on PARR:
- Par Pacific downgraded to Neutral from Overweight at Piper Sandler
- Par Pacific price target lowered to $28 from $30 at Mizuho
- Par Pacific price target lowered to $21 from $29 at UBS
- Par Pacific downgraded to Hold from Buy at TPH&Co.
- Par Pacific price target lowered to $29 from $40 at UBS