Credit Suisse Downgrades 5 US Refiners

Analyst Edward Westlake changes his recommendation on 5 refiners citing a lacking desire to chase relative valuation as refiners rebalance.

• Alon USA Energy (NYSE: ALJ) from Outperform to Neutral, PT $12 to $13
• Calumet Specialty Products Partners (NASDAQ: CLMT) from Neutral to Underperform, PT $5 to $3
• Delek US Holdings (NYSE: DK) from Outperform to Neutral, PT $28 to $26
• Tesoro (NYSE: TSO) from Outperform to Neutral, PT $110 to $93
• Western Refining (NYSE: WNR) from Outperform to Neutral, PT $48 to $40

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