Barclays Maintains an 'Equalweight' on HollyFrontier (HFC); Good Quarter, but no Upside Surprise

Barclays maintains an 'Equalweight' on HollyFrontier (NYSE: HFC) price target of $37.00.

Barclays analyst says, "We think HFC 3Q11 result will have a neutral to negative impact on the shares' near-term performance. As the final major independent refiner to report, we think the strong outperformance by other competitors such as VLO, Marathon Petroleum (NYSE: MPC), and TSO will likely dampen the market's reaction to HFC's good, but not great quarter. As the poster child of the WTI/Brent differential, we believe the market was expecting a lot more. HFC exceeded consensus EPS by only 3% compared to the MPC at 25%, Tesoro (NYSE: TSO) at 20%, and Valero's (NYSE: VLO) positive earnings surprise of 9%." (Barclays lowers FY11 EPS estimate from $7.60 to $7.45, but raises FY12 from $6.05 to $6.15)

For an analyst ratings summary and ratings history on HollyFrontier click here. For more ratings news on HollyFrontier click here.

Shares of HollyFrontier closed at $32.57 yesterday.

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