Par Pacific upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Par Pacific (PARR) to Overweight from Neutral with a price target of $25, up from $23. The company’s non-refining businesses “provide underappreciated downside support in current low margin environment,” the analyst tells investors in a research note. The firm says Par shares have the “largest upside, by far,” to mid-cycle valuations.