Credit Suisse Assumes, Upgrades Calumet Specialty Products Partners (CLMT) to Neutral; Stock Fell to Much

November 4, 2016 8:06 AM EDT
Get Alerts CLMT Hot Sheet
Price: $4.15 +2.47%

Rating Summary:
    0 Buy, 13 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Credit Suisse upgraded Calumet Specialty Products Partners (NASDAQ: CLMT) from Underperform to Neutral with a price target of $5.00 in assumed coverage.

Analyst E. Westlake commented, "We Close Out Our Underperform Rating: No question, there is still a great deal of risk in CLMT and bankruptcy is not impossible, especially if we run into an economic downturn. That being said, at ~$3/unit, prices have fallen too far, and even using our conservative estimate of ~$230m of annual EBITDA from 2017-2020, there is now potential equity upside for CLMT. We leave our TP at $5/unit for now; however, we note that if CLMT is able to hit the ~$350 - 400 mil. EBITDA implied by the $150-$200 mil. of targeted self-help, it would add another $4-5/unit of additional upside beyond our target. We raise our rating to NEUTRAL."

For an analyst ratings summary and ratings history on Calumet Specialty Products Partners click here. For more ratings news on Calumet Specialty Products Partners click here.

Shares of Calumet Specialty Products Partners closed at $3.15 yesterday.

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