Raymond James lifts PTs on US refiners as Mideast disruptions boost margins
Raymond James raises price targets for several U.S. refiners
Says disruptions from the Middle East conflict have changed the refining market to a great degree
"Disruption impacts will persist after the conflict ends, and we expect refining margins to remain elevated for a considerable period," brokerage says
Adds very high-margin indicators are likely to drive extremely strong earnings over the next couple of quarters, and even beyond that
Says "spiky" margins could be tough for refiners to fully capture in the short-term
While the short-term backdrop is tricky in our view, we still like the long-run outlook, particularly given the long-lasting disruptions - Raymond James
Brokerage raises PTs for the following companies:
Companies | Old PT | New PT | Upside to the stock's last close |
HF Sinclair DINO.N | $66 | $75 | 22.07% |
Marathon Petroleum MPC.N | $210 | $270 | 10.7% |
Phillips 66 PSX.N | $175 | $205 | 11.3% |
Valero Energy VLO.N | $215 | $290 | ~20% |
