Goldman Sachs Lowers View on Oil Refiners to Cautious (VLO, SUN, TSO)
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Goldman Sachs lowers their view on Oil Refiners to Cautious, citing an "ugly" outlook for the group. The firm reiterated their Sell rating on Valero (NYSE: VLO) and downgraded Sunoco Inc. (NYSE: SUN) and Tesoro Corporation (NYSE: TSO) to Sell.
The firm started coverage on Western Refining Inc. (NYSE: WNR) with a Neutral rating and reinstated coverage on CVR Energy, Inc. (NYSE: CVI) at Neutral.
The firm upgraded Marathon Oil Corporation (NYSE: MRO) from Sell to Neutral.
The firm continues to prefer Neutral rated Frontier Oil Corp. (NYSE: FTO) and Holly Corp. (NYSE: HOC).
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