CVR Refining (CVRR) PT Lowered to $7 at UBS

September 8, 2016 8:12 AM EDT
Get Alerts CVRR Hot Sheet
Price: $11.30 +1.35%

Rating Summary:
    2 Buy, 5 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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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)."

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

Shares of CVR Refining closed at $6.88 yesterday.

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