Goldman Sachs Lowers View on Oil Refiners to Cautious (VLO, SUN, TSO)

Goldman Sachs lowers their view on Oil Refiners to Cautious, citing an "ugly" outlook for the group. The firm reiterated their Sell rating on Valero (NYSE: VLO) and downgraded Sunoco Inc. (NYSE: SUN) and Tesoro Corporation (NYSE: TSO) to Sell.

The firm started coverage on Western Refining Inc. (NYSE: WNR) with a Neutral rating and reinstated coverage on CVR Energy, Inc. (NYSE: CVI) at Neutral.

The firm upgraded Marathon Oil Corporation (NYSE: MRO) from Sell to Neutral.

The firm continues to prefer Neutral rated Frontier Oil Corp. (NYSE: FTO) and Holly Corp. (NYSE: HOC).

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