Credit Suisse Upgrades Alon USA Energy (ALJ) to Outperform
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Credit Suisse upgraded Alon USA Energy (NYSE: ALJ) from Neutral to Outperform with a price target of $10.50 (from $7.00), included with a broader call on the refiners.
The firm said while the best entry point for the group will be some time in the Nov-Jan shoulder season, they reiterate the message that there is a good TSR compounding opportunity for some names, including ALJ.
Analyst Edward Westlake commented, "ALJ shares could have the potential to buck the general margin weakness if DK decides to close out the remainder of the minority which it does not own. We note that DK has sold its retail business and has cash on the balance sheet – financial firepower to do the deal. A merger with ALJ would unlock considerable synergies across the combines businesses and there is longer term investment driven self-help at the ALJ refinery portfolio. ALJ shares have underperformed and are trading below the market value of their diverse asset portfolio."
Shares of Alon USA Energy closed at $8.74 yesterday.
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