Credit Suisse Assumes, Upgrades Calumet Specialty Products Partners (CLMT) to Neutral; Stock Fell to Much
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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."
Shares of Calumet Specialty Products Partners closed at $3.15 yesterday.
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