CVR Refining (CVRR) PT Lowered to $7 at UBS
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UBS analyst Spiro Dounis lowered his price target on Neutral-rated CVR Refining (NYSE: CVRR) pto $7.00 (from $10.00).
Dounis commented, "We lower our EV/EBITDA derived PT to $7/unit from $10/unit and maintain our Neutral rating. We ascribe a 5.4x multiple (unchanged) to 2017E Adj EBITDA of $282mm (from $358mm). Our multiple reflects a mid-cycle 4.5x refining multiple plus a 0.9x taxadvantaged MLP premium (in-line with historical averages for CVRR)."
Shares of CVR Refining closed at $6.88 yesterday.
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